Bitcoin Price Dives Below $64,000 Amid Oil Price Surge and Inflation Fears

Bitcoin's price plummeted by around 2% to $63,780 on August 11 before recovering above $64,000 during the session. The decline was attributed to rising oil prices and uncertainty ahead of the US inflation report, which weakened risk appetite among traders.

The $63,900-$64,000 region has emerged as a key short-term pivot point for Bitcoin's price action, with buyers and sellers closely watching this level for guidance on the next direction. The daily relative strength index (RSI) remains neutral at 50.31, indicating that neither buyers nor sellers have decisive momentum.

Traders are also keeping a close eye on the upcoming US Consumer Price Index (CPI) report on August 12, which could influence expectations for the Federal Reserve's September policy decision and impact speculative assets like Bitcoin.