Bitcoin Stays Under Pressure Ahead of US Inflation Data

Bitcoin remained under pressure on Wednesday, trading around $63,500 (approximately ₹60.6 lakh), as investors stayed cautious ahead of the US July Consumer Price Index (CPI) report. The cryptocurrency has repeatedly failed to sustain moves above the $65,000 mark, keeping the market largely range-bound. Ethereum was trading around $1,880 (about ₹1.8 lakh), while major altcoins showed mixed-to-positive movement. Recent market reports also point to subdued trading activity and sharply lower volatility.

Market participants are closely watching inflation data for clues about the Federal Reserve’s next policy moves. Analysts say Bitcoin’s near-term direction could depend on whether the CPI reading strengthens or weakens expectations of interest-rate cuts. ETF flows have provided some support, but selling from miners and other large holders has limited Bitcoin’s recovery. Analysts have advised caution, with the $64,500-$66,000 zone emerging as an important resistance area.