CPI Data Holds Steady, Bitcoin Price Reacts Modestly

The recent US Consumer Price Index (CPI) data for July has been released, showing an increase of 3.3% to 3.4%, matching most expectations.

The CORE CPI saw a substantial rise of 2.5%, reversing the decline in June due to decreased energy costs.

This data follows last week's weaker-than-expected jobs report, which already reduced chances for a Federal Reserve rate hike in September.

Bitcoin's price initially surged to $64,400 before the data release but has since dipped by a few hundred dollars, sparking caution among analysts who believe CPI data is crucial for the cryptocurrency's next move.