Why Bitcoin Barely Moved Even as US Inflation Cools to 3.4%
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- U.S. CPI rose 0.1% in July after falling 0.4% in June, putting annual inflation at 3.4% — a tick below June's 3.5%
- Bitcoin gained only about 0.33% (~$209) to roughly $63,750 on the print, with total crypto market cap dipping 0.9% to $2.17 trillion
- Core inflation — the Fed's preferred gauge — rose 0.2% in July and 2.5% over the year, keeping the bar for rate cuts well above current conditions
- Spot Bitcoin ETFs pulled in roughly $854 million over five straight sessions last week as rate-hike bets faded, front-running the relief trade before CPI landed
- Bitcoin remains pinned between about $62,000 support and $67,000 resistance, with its 50-day average sitting below its 200-day — a bearish trend signal
- On Myriad, prediction traders price just 17% odds Bitcoin touches $70K this month, seeing a slide to $55K as more likely than a rally to $84K
Why it matters: Crypto traders can't lean on macro tailwinds to break Bitcoin out of its $62K–$67K range. With core inflation still at 2.5% annually, the Fed has no near-term cover to cut rates, and the $854 million ETF inflow last week shows the relief bid already cleared — Bitcoin needs a fresh catalyst beyond in-line CPI to move.
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