Following the release of inflation data in the United States in July, Bitcoin briefly went up and fell back, falling back below $64,000. Since the CPI is largely in line with expectations and the market has not gained new upward mobility, the BTC remains within the concussion zone of recent weeks.

CPI landed without rewriting

According to the United States Bureau of Labor Statistics, the overall CPI ring increased by 0.1 per cent in July, from 3.5 per cent in June to 3.4 per cent in the same year; the core CPI ring increased by 0.2 per cent, or 2.5 per cent in the same year. Data are generally consistent with market expectations and therefore do not significantly change risk asset pricing.

According to CoinEx chief analyst Jeff Ko, the expected slowdown in inflation had previously been absorbed by the market. After the release of the data, the return on United States debt fell, but the annual rate of return on United States debt remained about 4.68 per cent high and the United States dollar weakened only slightly, limiting the rebound space for bitcoin.

BTC has recently fluctuated mainly between $62,000 and $66,000. The recovery of institutional buy-backs, which competed with the sale of mining companies and business currency holders, accompanied by a decline in turnover and implied volatility, also made it more difficult for prices to move out of the region.

Employment data have a greater impact

Jeff Ko argues that the real change in market interest rate expectations is not this time CPI, but rather the previously weak US employment data. In the United States, non-farm employment declined by 23 million in July, while the market was expected to increase by about 80,000 people, and combined in May and June the figures were revised downwards by 10.3 million people.

He indicated that, following the publication of employment data, the interest rate futures price was significantly lower than the September rate increase probability, which was greater than the change since the CPI was published. In the case of bitcoin, lower austerity expectations usually favour venture assets, but the high and volatile rates of return on United States debt weaken this support.

In addition, in July, the PPI ring ratio remained the same, with an increase of 4.7 per cent over the same period, also indicating that inflation was not uniform. The market will continue to follow the July PCE, August CPI and September 15-16 Fed meetings.

$6.47 million and $6.28 million were noted

On the whole, bitcoin is still under multiple long-term averages, with weak short-line structures. The dayline price is below the 20-day average of approximately US$ 64,079 and also below the 100-day and 200-day averages, which suppresses the rebound. The average daily line is around US$ 63,445 and is now closer to supporting it.

4 On the hour chart, BTC runs below the middle track in the Bryn strip, at approximately USD 63,064 for the lower track and approximately USD 64,705 for the upper track. The relative strength and weakness indicator RSI is about 43.85, indicating a weak kinetic energy, but has not yet entered the extreme oversale range.

CoinGlass' three-day liquidation hottest attempt shows that there is more leverage in the vicinity of $64,500 to $64,700. If the price is back on US$ 63,900, the market may first resupply this area of liquidity; another settlement-intensive area is located between US$ 62,700 and US$ 62,900, and if US$ 63,000 is lost, the price may further explore the area.

Additional information:It was also reported that Strategy had recently disclosed the sale of 1,690 bitcoin at an average price of $64,262, with a turnover of approximately $108.6 million. This has been sold for the fourth consecutive week, with a cumulative sale of 6,916 BTCs for four weeks, totalling approximately $429.4 billion, and has created additional supply pressure on the market.