Bitcoin dropped below $63,500 despite US inflation data matching expectations, with the CPI rising 0.1% month-on-month and 3.4% year-on-year in July. The probability of the Federal Reserve holding rates at the current 3.50-3.75% range at its September meeting reached 60%, up from 30% a month ago. Bitcoin’s support at $63,000 is showing progressively weakening signs, with each successive bounce becoming less pronounced. Market participants are now awaiting July Producer Price Index data, due Thursday.
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