CPI Data Holds Steady: Bitcoin Sees Modest Reaction

The US Bureau of Labor Statistics published the Consumer Price Index data for July, which came in at 3.3% to 3.4%, matching most expectations.

This follows a weaker-than-expected jobs report from last week, and analysts say the CPI data is key to understanding Bitcoin's next big move.

Bitcoin had recovered from its low of $63,200 yesterday but was stopped at $64,400 minutes before the data release. Its initial reaction to the data has been modest, dipping by a few hundred dollars.