Bitcoin Slips Below $64k Amid Inflation Report Jitters

Bitcoin's price slipped towards $64,000 on Tuesday, down over 1% from the previous day, as markets await Wednesday's U.S. inflation report.

The cryptocurrency reached an intraday high of just above $64,400 before fading through the Asian session, while Ether (ETH) dropped almost 2% to around $1,880.

Nexo Dispatch analyst Iliya Kalchev notes that the failed breakout attempt carries more weight than the price lull itself, and points out that aggressive selling into $65,000 is absent, suggesting short positioning building above the level rather than holders taking profit.

CF Benchmarks' Gabe Selby reads the options market as leaning towards a genuine break, with $70,000 the next level should $65,000 give way. He also notes that bitcoin upside optionality looks cheap due to too much downside fear and not enough upside convexity.