Bitcoin is currently trading around $63,700, squeezed into an extreme tightening of the Bollinger Bands, a technical pattern that previously preceded a rally of more than 330% in 2023. Back then, Bitcoin started from levels slightly above $20,000 and reached a peak above $130,000 by mid-2025. The latest Consumer Price Index (CPI) data for July, released today, came in line with market expectations, reducing pressure on the Federal Reserve and suggesting rates will remain unchanged in September. Optimists expect a repeat of Bitcoin’s bullish fractal, while skeptics warn that macroeconomic risks could trigger a decline back to the $57,800 support level hit on July 1.
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