Bitcoin briefly topped $65,000 on Thursday after US second-quarter GDP growth missed forecasts at 1.5%, versus the expected 2.1% pace. However, strong consumer spending at a 3.2% annualized rate and sticky inflation, with the gross domestic purchases price index rising 5.7%, weakened the case for near-term Federal Reserve rate cuts, as the central bank held its benchmark rate between 3.50% and 3.75%. Bitcoin is currently trading near $64,729, but the short-term holder cost basis near $69,000 represents a major hurdle, while thin volume and net outflows from US spot Bitcoin ETFs limit the prospects for a decisive breakout. The total crypto market has a capitalization of $2.21 trillion with $60.78 billion in 24-hour volume.
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