Bitcoin's Price Struggle: Lack of Buying Pressure Keeps BTC Stuck

Bitcoin's price has been stuck in a narrow range between $63,000 and $64,000, failing to rally after the latest US inflation data. The July Consumer Price Index (CPI) came in line with expectations, while the Producer Price Index (PPI) was more favorable than forecast.

The CPI's lack of surprise did little to boost Bitcoin's price, which has been struggling to break above the $65,000-$66,000 resistance area. The asset is currently hovering around $62,800, with the $61,500-$62,000 zone serving as key support.

A closer look at market data reveals a lack of conviction in Bitcoin's price action. Despite a brief push toward the $65,000-$66,000 area in July, the recovery has started to lose steam, and buying pressure remains weak. The Coinbase Premium Index, which gauges demand on US spot exchanges, has remained negative since May.