Bitcoin is trading around $64,000 entering the most consequential US macro week of August. According to Glassnode, the largest nearby demand shelf sits at roughly $63,000, an area where nearly a tenth of the circulating supply last changed hands. July US inflation data due August 12, expected at 3.4% headline and 2.5% core, will determine whether Bitcoin can break through the $69,000 level, which represents the average cost basis of short-term holders. This week, $125 billion in Treasury securities will be auctioned, potentially moving yields and the dollar, and therefore Bitcoin.
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