Bitcoin Stuck in Range as Buying Pressure Fails to Materialize

The Bitcoin price has been stuck in a narrow range between $63,000 and $64,000, failing to respond positively to recent U.S. inflation data.

July's Consumer Price Index (CPI) came in line with expectations, while the Producer Price Index (PPI) showed a 0.0% month-over-month increase versus forecasts of 0.2%.

The Treasury yields declined as expectations for further rate hikes eased, creating a supportive backdrop for risk assets. However, Bitcoin failed to participate in this risk-on move.

Currently, the price is struggling to reclaim the $65,000, $66,000 resistance area, leaving the $61,500, $62,000 zone as an important near-term support.