Bitcoin Price Treads Water Ahead of CPI Data Release

Bitcoin's price continues to hover around $64,000 as it awaits tomorrow's Consumer Price Index (CPI) data release. The current market trend is a mixed bag for bulls and bears alike.

The recent jobs report showed a net loss of 23,000 jobs in July, missing economists' expectations by a wide margin. This should have triggered a relief rally, but instead, the market has shrugged off the news entirely.

Bitcoin's technical analysis is also a concern for bulls. The cryptocurrency has been stuck in a tight range between $63,766 and $65,000, with no clear direction. A break above this ceiling could lead to higher targets, but a rejection of the level would confirm the downtrend.

The Relative Strength Index (RSI) reads 50, indicating a neutral market sentiment. The 50-day EMA still trades below the 200-day average, making it difficult for bulls to regain control.