Stagnant Bitcoin Price Fails to Bounce Amid Lackluster Inflation Data

Bitcoin's price has remained stagnant as July inflation data failed to spark a fresh rally. The cryptocurrency continues to trade in a narrow range, lacking a significant catalyst for growth.

The recent release of July Consumer Price Index (CPI) and Producer Price Index (PPI) data met market expectations, but this lack of surprise did not provide the necessary momentum for Bitcoin's price to break out of its current range.

According to Coinglass, a total of 74,736 traders were liquidated in the past 24 hours, resulting in losses totaling $232.5 million.

Spot Bitcoin ETFs saw net outflows of $61.2 million on Wednesday, while Ethereum-based spot ETFs experienced net inflows of $7.4 million during the same period.