Bitcoin Tumbles Below $63,500 Amid Weakening Support Level

Bitcoin's price has dropped below $63,500 after July's US inflation data came in line with expectations. The Consumer Price Index (CPI) rose by 0.1% monthly and 3.4% annually, which may have removed some upward momentum from the market.

The Federal Reserve's rate-hold probability for September has increased to around 60-62%, according to analysts. This development could be a concern for Bitcoin investors, as its $63,000 support level is weakening.

Market analysts warn that trading volume has fallen to its lowest since early 2019, signaling potential downside risks near $58,500. Investors are now looking forward to the July Producer Price Index (PPI) data for further market direction.