Bitcoin prices fall back to $63300 CPI data failed to boost demand

On August 13, bitcoin prices fell back to $63,300 as the U.S. Consumer Price Index (CPI) report failed to generate enough demand to break through the resistance range of $64,500 to $65,000. The U.S. Bureau of Labor Statistics reported that CPI rose 0.1% in July and 3.4% year-on-year, both in line with market expectations. Although Bitcoin remained at around $64,000 after its release on August 12, it failed to continue to rise on the more moderate year-on-year data. The price then fell from approximately $64,300 to an intraday low of $63,300 before recovering slightly. The current Bitcoin trading price is approximately US$63,620, down 0.39% from the active candle. Analyst Ted Pillows said that Bitcoin encountered rejection in the resistance range of $64,500 to $65,000, and if the current correction continues,$62,000 to $62,500 will be the next important support range.