Bitcoin is still struggling below $64K even after two positive developments for the crypto market.

The latest U.S. inflation data showed that price pressure is slowly easing. At the same time new banking rules could give eligible crypto companies a clearer path into the traditional banking system.

So why did Bitcoin fail to move higher?

U.S. inflation came in at 3.4% in July. This was in line with what the market expected and was lower than the 3.5% reading from June.

Monthly inflation also rose by only 0.1% in July after falling in June.

This is important for Bitcoin because lower inflation can reduce pressure on the Federal Reserve to keep monetary policy tight.

When inflation starts moving lower traders may become more comfortable with risk assets such as Bitcoin.

But this time the market did not react strongly.

Bitcoin briefly moved above $64K after the news but could not stay there. The price later moved back toward $63.4K.

This shows that buyers are still not confident enough to push Bitcoin higher.

The market also received another important update from the U.S. banking side.

The Office of the Comptroller of the Currency said eligible crypto companies involved in legal digital asset activities can have a path toward applying for a national bank charter.

This could be important for the crypto industry.

A bank charter could give some crypto companies a stronger connection with the traditional financial system. It could also make it easier for these firms to offer certain services under a federal banking framework.

But this does not mean every crypto company can suddenly become a bank.

Companies would still need to meet the required rules and pass the approval process.

Even with this positive news Bitcoin remained weak.

The broader crypto market also struggled. Total crypto market value fell before recovering to around $2.16 trillion.

Bitcoin's technical picture is also not very strong.

The RSI was around 40. This shows that buying strength is still limited.

The money flow indicator was also close to zero. This suggests that there is no strong flow of money into the market right now.

So the current situation is quite simple.

The news is positive.

Inflation is showing some improvement.

Crypto companies may have a clearer path toward the banking system.

But Bitcoin still needs real buying pressure.

For now $64K remains an important level.

If Bitcoin can break above $64K and stay there then buyers may start gaining more confidence.

If it continues to fail around this level then the market could remain weak for longer.

The latest news gives Bitcoin a better background.

But news alone is not enough.

The market still needs buyers to step in and push BTC higher.