BTC Holds Ground at $64K as Markets Await Wednesday's Inflation Print

Bitcoin (BTC) is holding steady above $64,000 after briefly breaking through $65,400 earlier this week. Despite this modest increase of +0.2% on the day, the bigger question remains whether Wednesday's inflation print will solidify this move or send BTC back to the low $64,000s.

The US economy shed 23,000 nonfarm jobs in July, with unemployment holding at 4.1%, according to the Bureau of Labor Statistics. This weak hiring cooled expectations for further Fed tightening, and as a result, Bitcoin gained nearly 2% on the initial reaction.

However, $65,000 has not converted into firm support yet; it remains a coin flip level. Institutional flows are backing the bid, with CoinGlass reporting $854M in net spot ETF inflows from August 3-7, largely driven by BlackRock's IBIT pulling in roughly $694M.

The next macro catalyst lands on Wednesday at 8:30 a.m. ET, when the July CPI report will either confirm the disinflation narrative or force traders to reprice rate-cut odds. A cool number will solidify this dovish shift, while a hot one could revive hike bets before September.