Bitcoin Teeters on Support Zone as CPI Report Looms

Bitcoin's current price of around $64,000 puts it right on top of the largest nearby demand concentration, according to Glassnode's latest on-chain map.

This area holds close to a tenth of Bitcoin's circulating supply and is considered the main support zone. If the CPI report due out August 12 comes in lower than expected, it could validate the case for a Fed pause, but if it shows higher inflation, it would reopen the argument that prices remain sticky even as hiring slows.

The short-term holder cost basis, where recent buyers reach breakeven on their positions, is near $69,000. If Bitcoin clears this level, it could thin its supply profile into what Glassnode calls an air pocket, with the next structural reference near $84,000.