In this video I break down the latest Bitcoin price action to determine if the current support level can hold or if a new local low is incoming. By analyzing the current microstructure and Elliott Wave patterns, I examine why recent upside attempts have struggled and what specific price levels are required to confirm a reversal in the current bear market environment. Video by More Crypto Online.
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Bitcoin is trading at approximately $64,000, experiencing a slight gain of roughly 1% over the past 24 hours as macro traders react to the latest U.S. Consumer Price Index (CPI) report. The cryptocurrency continues to consolidate within a tight summer range between $62,000 and $66,000.
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Bitcoin Insights Today
-CPI Report Matches ExpectationsThe release of the July U.S. CPI inflation report has met market forecasts, easing immediate fears of prolonged monetary tightness. This cooling inflation data has led to a pullback in U.S. Treasury yields and a softening dollar, creating a favorable liquidity backdrop for non-yielding risk assets like Bitcoin. Analysts expect the Federal Reserve may scale back any aggressive tone ahead of the September interest-rate decision.
-Mixed ETF and Institutional FlowsWhile spot Bitcoin ETFs posted a minor net inflow of $7.8 million led by BlackRock's IBIT, the broader weekly institutional momentum has slowed following a steep $144.6 million net outflow earlier in the week. Despite day-to-day fluctuations, long-term institutional accumulation via ETFs remains structurally intact, with assets under management hovering around 6.1% of Bitcoin's total supply.
-US Regulatory "Clarity Act" PostponedThe Digital Asset Market Clarity Act, which aims to establish a clear federal framework separating SEC and CFTC oversight, fell short of the necessary 60 votes before the August congressional recess. Majority Leader John Thune noted that the critical procedural vote is now delayed until mid-September, contributing to a short-term regulatory bottleneck for crypto asset markets.
-Range-Bound Technical HurdlesTechnically, Bitcoin remains stuck under its 100-day and 200-day Exponential Moving Averages (EMAs). Analysts warn that August has historically been a volatile month in the four-year macroeconomic halving cycle, keeping buyers cautious as the asset attempts to decisively reclaim the $65,000 resistance floor
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