Bitcoin eyes $63K as US CPI relief sends September Fed rate pause odds to 60%
Bitcoin weakened below $63,500 as US markets digested July CPI data that matched expectations at 0.1% month over month and 3.4% year over year. Stocks stayed calm because inflation did not surprise to the upside or downside, and gold was steady. Traders saw the report as supportive for a less hawkish Federal Reserve, especially after weak jobs data, with FedWatch odds showing about 60% chance of no rate change in September. Despite the benign inflation print, Bitcoin failed to regain momentum. Analysts said the $63,000 support area is getting weaker, with repeated rebounds losing strength. Bitfinex noted BTC has repeatedly hit resistance around $65,000–$65,500 and has not closed above that zone since late July. Attention now shifts to Thursday’s US Producer Price Index, which could further influence macro expectations and crypto volatility.
