Favorable macroeconomic data on inflation in the United States failed to support the first cryptocurrency. On August 12, the US Bureau of Labor Statistics published the July figures, after which bitcoin dropped from sixty-four and a half thousand to sixty-four thousand dollars at the moment, and the next day it fell below sixty-three thousand. At the same time, the data on the consumer price index generally corresponded to market expectations, and the producer price index turned out to be even better than forecasts. Against this background, the yield on U.S. Treasury bonds declined and stock indexes rose, but bitcoin failed to form a solid rally and remained in the range of sixty-three to sixty-four thousand dollars.

Analysts of the CryptoQuant platform cited weak spot demand as the main reason for this market reaction. Capital inflows into American bitcoin spot funds remain low, and the Coinbase premium index, reflecting the price difference on this exchange and other platforms, has remained predominantly negative since May. The current value of the indicator is about minus one tenth of a percent, which indicates limited purchasing pressure from American investors. At the same time, the positioning of traders in the futures market remains relatively high. There is a noticeable imbalance in the market, including weak spot demand, low liquidity and a significant volume of leverage positions. Under such conditions, positive macroeconomic news often does not cause an asset to grow, and a lack of reaction can force traders to close margin long positions, creating additional pressure.

Analysts call the mark of sixty-eight thousand seven hundred dollars, which is the approximate cost of bitcoin for short-term holders, a separate important resistance level. If the price approaches this level, recent buyers may begin to actively fix their positions. According to experts, even the most favorable inflation data is not enough to start a long-term upward trend. To resume a stronger rally, the market needs a resumption of capital inflows into American bitcoin funds, the release of the Coinbase premium index into a positive zone, an increase in spot trading volumes and a confident return of the price above sixty-eight thousand seven hundred dollars. Earlier, another analytical company Glassnode also identified the key conditions for a possible new collapse of the first cryptocurrency.

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The material has been prepared solely for informational purposes and does not constitute financial advice or recommendation.