Bitcoin Slips Below $64K as US Inflation Data Fails to Spark Breakout

Bitcoin's price fell nearly 3% from its intraday high of $65,234 to $63,304 as US inflation data failed to spark a breakout.

The US Bureau of Labor Statistics reported that headline inflation rose 0.1% month-over-month in July and slowed to 3.4% annually from 3.5% in June.

CoinEx Chief Analyst Jeff Ko told crypto.news that the figures produced only a limited change in financial conditions, with Treasury yields declining after the release but remaining elevated near 4.68%, while the US dollar weakened slightly.

Ko said Bitcoin's subdued reaction showed that traders had already accounted for the inflation slowdown before the official report arrived, adding to the sell-the-news interpretation.