Bitcoin (BTC) stayed range-bound on Thursday, pinned below $64,000, as soft inflation data failed to lift crypto market sentiment.
July’s Consumer Price Index (CPI), out Tuesday, was largely unchanged — core inflation slipped a tenth to 2.5% and the headline rate stayed flat. Soft wholesale inflation data on Thursday still failed to bring in any meaningful buying interest.
Indeed, wholesale inflation gave the market nothing to fear on Thursday. The Producer Price Index (PPI) for final demand was unchanged in July, with services up 0.2% and goods down 0.7%, and rose 4.7% over the 12 months ended in July, according to the Bureau of Labor Statistics. Initial jobless claims rose to 209,000 for the week ending Aug. 8, above expectations of 202,000.
The muted reaction concerns Glassnode analysts more than the data.
"A weak response to good news is itself a warning," Glassnode wrote, reading the failure to rally as a sign that demand remains missing.
