Bitcoin price balances around $64.000 ahead of CPI figures

Bitcoin is hovering around $64.000 and looking for direction after a 1.9% decline in the past 24 hours. The price closed just below two important technical levels and is now at a crucial decision point. Tomorrow, US inflation figures will be released, which could cause additional movement in the market.

Bitcoin is available at OKX and Bybit.

In short:

• Bitcoin closes just below the 200-period moving average and EMA on the 4-hour chart and stabilises around $64.000.
• The $64.000 level acts as an important support zone with multiple technical signals converging.
• Tomorrow’s CPI inflation figures could cause additional price movement.

Key area around $64.000

Analyst team DoopieCash… no, in this case it is crypto analyst Daan who shares the chart and notes that Bitcoin closed just below the 200-period moving average and the exponential moving average on the 4-hour chart. These are two technical levels that many traders use as a reference point. The price is holding up around $64.000 for now, which analysts see as a zone with many confluent factors.

On the 4-hour chart, Bitcoin can be seen falling back to this support level after a sharp decline on 10 August. The price moved between roughly $62.100 and $65.400 from late July to mid-August. Now that the price is trading exactly on the edge of multiple technical lines, the area around $64.000 is decisive for the further direction.

Tomorrow’s CPI figures: volatility on the horizon

On Tuesday 12 August, the US Bureau of Labor Statistics will publish the latest CPI inflation figures. This data provides a picture of price developments in the US and is closely watched by the markets. Higher-than-expected inflation could put pressure on risky assets such as crypto, while better-than-expected figures could trigger an upward move.

While Bitcoin looks for support, the analyst notes that several altcoins are holding up relatively well. That resilience in the altcoin market shifts some of the focus to those smaller coins. Whether Bitcoin returns to higher levels in the short term or slips further below $64.000 will partly depend on how the market reacts to tomorrow’s inflation figures.