Bitcoin Price Stalls at $64K Before Key CPI Inflation Data

Bitcoin is currently trading near $64,000, facing continued pressure as it struggles to clear major resistance levels. Despite recent data showing a miss in the labor market, which would typically boost risk assets, the coin failed to rally. Instead, it faced a clear rejection at its 50 day average, signaling that sellers remain active in the current environment.

Technical indicators show a market stuck in neutral. With the Relative Strength Index sitting at 50, neither buyers nor sellers have enough strength to push the price in a definitive direction. The asset continues to form lower highs and lower lows, leaving many to watch the $62,000 mark as a critical support level. If Bitcoin fails to maintain this area, the downward trend could accelerate.

Looking ahead, tomorrow’s Consumer Price Index data will likely dictate the next move for the market. Traders are focused on whether Bitcoin can reclaim the $65,000 level to break its current consolidation phase. A push above that ceiling could clear a path toward $67,000, while a fall below recent swing lows would likely confirm further weakness for the coin.