Bitcoin Stalls at $64K as US July CPI Meets Expectations

The July Consumer Price Index (CPI) data for the US was released by the Bureau of Labor Statistics, showing a regular CPI increase of 3.3% to 3.4%, matching most expectations.

Although the CORE CPI rose by 2.5%, analysts attribute this to a rebound from last month's decline in energy costs due to the brief de-escalation in the Middle East war.

The market had been anticipating a modest increase, which would further reduce the likelihood of a Federal Reserve rate hike in September.

Following the release, Bitcoin's price dipped by a few hundred dollars after initially reaching $64,400 minutes before the data was made public. The asset had previously recovered from yesterday's low at 63,200.