Bitcoin's Lack of Conviction Keeps Price Stuck in Range

Bitcoin's price has been stuck in a narrow range between $63,000 and $64,000, failing to rally after the latest U.S. inflation data. The July Consumer Price Index (CPI) came in line with expectations, while the Producer Price Index (PPI) rose 0.0% month-over-month, beating forecasts of a 0.2% increase.

The positive macro backdrop was reflected in traditional markets, where the S&P 500 climbed to a new all-time high and the Nasdaq advanced. However, Bitcoin failed to participate in the risk-on move, leaving its price struggling to reclaim the $65,000-$66,000 resistance area.

The Coinbase Premium Index has been predominantly negative since May, currently standing at -0.1, indicating relatively weak buying pressure on Coinbase compared with other major markets. This lack of spot demand is also visible in Bitcoin's Spot Volume Bubble Map, which shows much of the recent activity shifted into the 'Cooling' regime.

The price is currently held between $61,500-$62,000 support and $65,000-$66,000 resistance. A break above the upper boundary would give the recovery fresh momentum, while a decisive break below support could weaken the structure and put $60,000 back in focus.