Bitcoin Stuck Between $63,000 and $64,000 as Spot Demand Remains Weak

Bitcoin's price has been stuck in a narrow range between $63,000 and $64,000, failing to respond positively to the latest US inflation data. The Consumer Price Index (CPI) came in line with expectations, while the Producer Price Index (PPI) was more favorable, rising 0.0% month-over-month versus forecasts of a 0.2% increase.

Despite the supportive macro backdrop, Bitcoin's price action suggests a lack of conviction from buyers. The Relative Strength Index (RSI) is currently around 42, indicating fading bullish momentum as the price struggles to move through resistance.

The Coinbase Premium Index, which measures buying pressure on Coinbase compared to other major markets, has remained predominantly negative since May and is currently around -0.1, pointing to weak spot demand in the US market.

Bitcoin's spot volume has also been declining, rather than increasing, as it attempts to recover from its June lows. This suggests that a sustained price rally may be difficult without stronger participation from spot buyers.