BITCOIN PRICES FELL TO $63,300 AND CPI DATA FAILED TO BOOST DEMAND

On 13 August, the price of bitcoin fell to US$ 63,300 because the United States Consumer Price Index (CPI) reported insufficient demand to break the resistance zone of US$ 64,500 to US$ 65,000. The report of the United States Bureau of Labor Statistics shows that in July, CPI increased by 0.1 per cent and 3.4 per cent over the same period, all meeting market expectations. Although Bitcoin has remained close to $64,000 since its release on 12 August, it has not been able to continue to rise in the more moderate year-on-year data. The price then fell from approximately $64,300 to a low of $63,300 a day and then recovered slightly. The current trade price of bitcoin is about US$ 63,620, a 0.39 per cent drop from active candles. The analyst Ted Pillows stated that bitcoin had been rejected between $64,500 and $65,000 in resistance, and that, if the current recall continued, $62,000 to $62,500 would be the next critical support area。