Bitcoin Stagnates Near $63,700 as Markets Await Inflation Report

Bitcoin's price hovered around $63,700 on August 12 as cryptocurrency markets edged higher ahead of the July U.S. inflation report.

Dogecoin and BNB led gains among major cryptocurrencies, with Dogecoin rising by nearly 3% to just above 7 cents and BNB increasing by 2% to $614.

However, Bitcoin struggled to hold above $65,000 due to mixed ETF flows and rising oil prices that keep inflation concerns elevated.

The market awaits the July CPI release, which is expected to show a slight 0.1% monthly increase and 3.4% annual inflation, influencing Federal Reserve rate outlooks.