Bitcoin was trading at $62,852.52 on August 14, 2024, down 0.89% over 24 hours, consolidating in a $62,000-$66,000 range. US macro data traditionally supportive of risk assets emerged: the Producer Price Index (PPI) remained flat in July versus an expected 0.2% gain, and jobless claims rose to 209,000. Despite this, US spot Bitcoin ETFs posted net outflows of $131.1 million on August 13, following $61.1 million the prior day. The RSI stands at 47 with price below both the 10-day and 20-day moving averages, signaling technical weakness. The bullish scenario requires ETF outflows to stabilize and a reclaim above $64,400, while the bearish scenario targets a break below $62,250 toward $60,000.
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