US Inflation Report Looms Large for Bitcoin Price

The upcoming US inflation report could have significant implications for Bitcoin's price, which has been holding steady around $64k despite ongoing uncertainty in the Middle East.

Expectations are for a slight easing of inflation to 3.4% YoY in July, down from 3.5% previously, but there is a risk that it could come in higher than expected.

The market is currently pricing in a 50% chance of a September rate cut by the Federal Reserve, which would typically weigh on risk assets such as Bitcoin and equities.

However, the softer-than-expected jobs report last month has reduced some pressure on the Fed to raise rates, and a cooler CPI report could change investor sentiment towards risk assets.