Bitcoin Barely Budges as July CPI Hits 3.4% — SkimNews
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- Bureau of Labor Statistics reported July CPI rose 0.1% monthly and 3.4% over the past 12 months, a tick below June's 3.5% and in line with economist forecasts.
- Bitcoin inched up just 0.33% (~$209) to roughly $63,750 with a 1.5% daily range, as total crypto market cap slipped 0.9% to $2.17 trillion — a market that 'shrugged' at the data.
- Shelter costs accounted for roughly two-thirds of the monthly all-items increase, while energy dropped 1.5% on cheaper gasoline; core CPI (the Fed's preferred gauge) rose 0.2% in July and 2.5% annually, still well above the 2% target.
- Spot Bitcoin ETFs pulled in roughly $854 million over five consecutive sessions last week — their strongest run since May — meaning the relief trade was already on the books before CPI landed.
- Bitcoin's technicals stay bearish: it is pinned between roughly $62,000 support and $67,000 resistance, trading under $65,000 since an early-August selloff, with its 50-day average sitting below its 200-day average.
- Myriad prediction market traders price only 17% odds Bitcoin touches $70,000 this month, viewing a slide toward $55,000 as more likely than a rally to $84,000.
Why it matters: At 3.4% annual inflation, the Fed remains well above its 2% target, so even an in-line CPI print did not unlock fresh rate-cut hopes — and those hopes had already driven $854 million into spot Bitcoin ETFs the prior week. Bitcoin's failure to break $65,000 despite that inflow, combined with a death-cross technical setup (50-day under 200-day average), tells traders the macro tailwind has already been spent.
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