Bitcoin Stuck Between $63K and $65K Wall

The latest Consumer Price Index (CPI) report from the US has had little impact on Bitcoin's price, which remains stuck between $63,000 and $65,000. The report showed a 0.1% increase in July and 3.4% year-over-year, with core inflation increasing 0.2% for the month and 2.5% annually.

Bitcoin traders are rebuilding bets on a run toward $70,000 while still paying for protection against a fall to $60,000, indicating that softer US inflation data has done little to break the market's defensive positioning.

A 'wall' of around 1.79 million Bitcoin, or 8.93% of circulating supply, carries a realized cost basis between $62,000 and $65,000, with the largest concentration near $63,800. This pool of holders nears break-even when Bitcoin pushes toward the upper end of its recent range.

The repeated price failure above $65,000 suggests supply is returning as holders get another opportunity to exit, leaving $65,000 as the immediate hurdle before the rebuilt $70,000 calls can come into play.