Bitcoin Struggles Amid Modest Inflation Data

Bitcoin's price has been stuck in a narrow range between $63,000 and $64,000, failing to respond positively after the latest U.S. inflation data release.

The July Consumer Price Index (CPI) came in line with expectations, while the Producer Price Index (PPI) showed a more favorable reading, increasing 0.0% month-over-month compared to forecasts of a 0.2% rise.

As a result, Treasury yields declined as market participants adjusted their expectations for further rate hikes.