Bitcoin jumps on lowest US CPI since 2020 as traders stay wary of $64K failure
Bitcoin surged above $64,000 after US June CPI came in cooler than expected at 3.5% year over year versus 3.8% forecast, marking the biggest monthly drop since April 2020. Energy prices drove the decline, overpowering inflation pressure from geopolitical risks. The softer inflation print lifted risk assets, pushed US stocks higher, and reduced market expectations for near-term Fed hawkishness, though a September rate hike remained the baseline view. Bitcoin gained more than 2% on the day, but traders still viewed the move cautiously because local resistance remains near $64,000–$64,800. Market commentary suggested short sellers were being squeezed as passive demand held up, with more than $220 million in crypto short liquidations over 24 hours. Some traders warned that failure to hold the weekly open could still lead to a rejection and a retest of the $60,000 area.
