Crypto
Bitcoin Price Tumbles on Disappointing Inflation Report
The price of Bitcoin dipped by 1.5% to $63,300 following the release of the U.S. July Consumer Price Index report.
The report showed that inflation is easing, but it did not have a significant impact on demand for Bitcoin.
Bitcoin remains below its key resistance zone of $64,500-$65,000 and technical indicators suggest bearish momentum.
Support levels are at $62,000-$62,500, and the market is sensitive to upcoming U.S. inflation and labor data that could influence Federal Reserve policy and Bitcoin's direction.