US inflation cooled to 3.4% in July, but Bitcoin barely moved.
CPI rose 0.1% month-over-month, driven by shelter. Energy dropped 1.5%. Bitcoin edged up 0.3% to $63,750; total crypto market cap dipped under 1%.
Our read: the market priced this in weeks ago. Spot Bitcoin ETFs saw $854 million inflows over five sessions last week as rate-hike bets faded. Inflation at 3.4% is still well above the Fed's 2% target. This print changes nothing for their timeline.
Technicals confirm weak momentum: BTC's 50-day EMA is below its 200-day. Bitcoin needs to reclaim its EMA20 at $63,829 to show strength.
$BTC
CPI rose 0.1% month-over-month, driven by shelter. Energy dropped 1.5%. Bitcoin edged up 0.3% to $63,750; total crypto market cap dipped under 1%.
Our read: the market priced this in weeks ago. Spot Bitcoin ETFs saw $854 million inflows over five sessions last week as rate-hike bets faded. Inflation at 3.4% is still well above the Fed's 2% target. This print changes nothing for their timeline.
Technicals confirm weak momentum: BTC's 50-day EMA is below its 200-day. Bitcoin needs to reclaim its EMA20 at $63,829 to show strength.
$BTC