Bitcoin stays below $64K as soft inflation fails to spark rally
Flat PPI and in-line CPI leave Bitcoin rangebound, with Glassnode noting a lack of buyers.
Bitcoin continued to trade in a narrow band under $64,000 on Wednesday, as muted inflation data did not provide the catalyst traders had hoped for. The latest producer price index came in flat month-over-month, while consumer price data matched expectations, according to the report from The Block.
Analysts described the current market as the quietest tape since 2019, with low volatility and thin trading volumes. On-chain analytics firm Glassnode flagged the absence of active buyers, suggesting that the recent price range is being sustained more by a lack of selling pressure than by renewed demand.
Market outlook
The lack of directional movement comes despite the soft inflation readings, which historically might have supported risk assets. Traders now appear to be waiting for clearer signals from the Federal Reserve or a shift in liquidity conditions before committing to new positions.
As the market remains rangebound, participants are closely watching order books and derivatives data for signs of breakout momentum. For now, Bitcoin's price action reflects a standoff between bulls and bears amid a low-liquidity environment.