Bitcoin Rallies Above $64K as Whale Buying Supports Price

Bitcoin continued its bullish trend on Tuesday, trading above $64,000 for the first time in several days. The cryptocurrency's price has been boosted by the buying activity of large holders, with wallets holding between one and 100,000 BTC accumulating a net 10,000 BTC during August.

This accumulation may have contributed to Bitcoin's ability to stay above $60,000 despite unfavorable macroeconomic conditions.

However, persistent monetary-policy uncertainty continues to limit the cryptocurrency's recovery. The Federal Reserve has reduced its probability of raising interest rates in September to about 30%, down from roughly 76% a month earlier.

The shift followed data showing that annual US inflation eased to 3.4% in July, down from 3.5% in June.