TL;DR
Bitcoin hovered near $63,300 on Thursday as July’s in‑line U.S. inflation data helped stabilize sentiment but failed to spark a decisive market reaction. The asset’s latest recovery attempt toward $64,400 stalled once again, extending a week-long pattern of brief rallies followed by sharp rejections. Broader crypto market performance remained mixed, with select mid-cap tokens posting gains while several large-cap alts slipped deeper into the red.
The largest cryptocurrency has added just 0.30% since midnight UTC, reflecting a muted response to July CPI, which landed at 3.4% year over year and matched expectations. Core inflation eased slightly to 2.5%. Even so, bitcoin’s attempts to reclaim higher ground repeatedly failed. After last week’s run from $62,200 to over $65,000, BTC faced multiple rejections at $65,400, each followed by swift drops toward $63,200.
The latest rebound was capped at $64,400, and Bitcoin has since settled back into its narrow range between $63,200 and $64,400. Its market cap has slipped below $1.280 trillion on CG, while dominance sits under 57%. Options traders also appear cautious, with implied volatility for both bitcoin and ether hovering near year-to-date lows. Still, upside bets persist, including a notable $1.07 million premium spent on BTC call options at the $65,500 strike expiring Aug. 15.
Futures activity remains elevated, with 24-hour volume rising 6% to $147 billion, though open interest stays flat near $116 billion. XRP futures positioning is particularly notable: OI has climbed to 2.67 billion tokens, the highest since October, while negative CVD suggests aggressive selling. Traders are eyeing a potential dip below $1 despite a funding rate near 8% that hints at bullish bias.
ADA and BCH show even heavier bearish pressure, with funding rates at -10% or lower and negative CVD across the board. ADA’s OI remains just shy of its record 2.79 billion tokens, signaling fresh short exposure rather than simple long unwinds.
Market action across altcoins was uneven. HYPE continued its steady climb, up 1.75% since midnight to $57, while ZEC added 3-4% to $495. XMR extended its strong weekly run with another 3.15% gain to $404. Mid-caps like FET, NEAR, MNT, VVV, and STABLE also posted modest increases.
On the downside, ETH slipped below $1,900 again, while XRP, DOGE, SOL, BNB, TRX, ADA, and RAIN all traded in the red. CRV fell 8.38% after Wednesday’s surge but remains up over 22% on the week. The total crypto market cap stands at $2.18 trillion, down 0.54% over 24 hours, while CG’s broader reading shows a daily drop of $30 billion to $2.250 trillion.
