Bitcoin Stuck in Range as Soft Inflation Fails to Boost Sentiment

Bitcoin's price remained range-bound on Thursday, stuck below $64,000 as soft inflation data failed to lift market sentiment.

The Consumer Price Index (CPI) in July was largely unchanged, with core inflation slipping to 2.5% and the headline rate staying flat. The Producer Price Index (PPI) for final demand also showed no change in July, with services up 0.2% and goods down 0.7%, according to the Bureau of Labor Statistics.

Analysts at Glassnode noted that a weak response to good news is itself a warning sign, as demand remains missing despite the data.

The market has been anchored between $63,000 and $68,700 for nearly three months, with spot price sitting just above the Median Realized Price. Liquidity has also thinned to an extreme, with spot exchange volume at its lowest level since early 2019, excluding Binance it's scraping the lows of the 2023 bear market.

Both sides of the book have gone quiet, but not evenly. Sellers are visibly tiring, while buyers remain absent. Net flows into U.S. spot bitcoin ETFs turned positive at the end of July for the first time in months, though at a fraction of past accumulation waves.