Bitcoin Holds Near $64,600 as Softer US Inflation Data Eases Rate Hike Fears
Bitcoin traded near $64,600 on Wednesday, gaining about 3.5% over the past 24 hours. The move came after softer-than-expected US inflation data weakened the dollar and reduced expectations of an immediate Federal Reserve rate increase.
The cryptocurrency traded between roughly $62,250 and $65,050 over the previous day. Immediate support is near $64,000, followed by a stronger zone at $62,200–$62,900. Resistance is located around $65,000, then at $67,200.
On-chain indicators suggest that the recovery remains incomplete. Bitcoin's True Market Mean is estimated at around $76,600, and the short-term holder cost basis is around $72,200. This leaves the current Bitcoin price below key breakeven levels for many investors. Long-term-holder loss realisation recently accounted for 43% of total realised value, with losses peaking near $280 million daily, indicating that some older investors continue to sell into price strength.
Institutional demand remains uneven. US spot Bitcoin ETFs attracted about $197.4 million during the July 6–10 week, but recorded a substantial $424.7 million outflow on July 13. Farside's preliminary July 14 figure showed $21.1 million in inflows, though several major fund readings were still unavailable.
Among large-cap altcoins, Ethereum led with a 4.9% rise to $1,869. BNB gained 1.9% to $580, XRP advanced 3.5% to $1.10, Solana rose 2.9% to $77.35, and TRON added about 0.5% to $0.326.
June US inflation eased to 3.5%, while core inflation slowed to 2.6%. Futures markets reduced the probability of a July Fed hike to about 16%, though they continued to price a roughly 60% chance of a September increase. Upcoming catalysts include Wednesday's US producer-price report, Fed Chair Kevin Warsh's Senate testimony, and the July 28–29 policy meeting. Higher oil prices linked to renewed Gulf tensions could revive inflation concerns.
