Bitcoin closed below its 200-week moving average, a level that acted as key resistance during the 2022 bear market, with a modest rebound to $63,655 before giving up the gain again. Softer-than-expected US inflation data (CPI at 3.4%, PPI) reduced the odds of a Fed rate hike in September to nearly 70%, down from 42% a month ago. Japan’s Q2 GDP missed expectations with 0.3% quarterly and 1.1% annual growth, adding pressure on the Bank of Japan as 10-year bond yields hit 2.93%, their highest since 1996. US spot Bitcoin ETFs saw net outflows of $267.2 million last week while Binance’s BTC reserves climbed to their highest level since November 2023. Bitcoin continues to be overlooked by capital flows even as the S&P 500 reaches new highs, with US consumer sentiment near its weakest reading in a decade.
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