Bitcoin Reclaims $64K as Cooler Inflation Revives Risk Appetite

Bitcoin News

Bitcoin (BTC) is attempting to reclaim the $64,000 level after a cooler-than-expected US inflation print revived risk appetite across crypto markets. June consumer price index data landed at 3.5%, below the 3.8% to 3.9% range analysts had penciled in, and the softer reading pulled Bitcoin off its midweek lows. The largest cryptocurrency had slipped under $62,000 earlier in the week on renewed Middle East tensions before the CPI surprise sparked a rebound toward a three-week high near $65,500. Our reading of the tape shows buyers stepping in each time price probes the low-$62,000s, keeping Bitcoin anchored in range as traders position for the next macro catalyst.

On-chain data shows a significant volume of long-dormant Bitcoin changed hands over the past 24 hours, a pattern that has historically preceded sharp expansions in volatility. Analysts flag the reawakening of old coins — supply that had sat unmoved for extended periods — as an early warning that the market’s months-long lull could break. Bitcoin has traded in a tight band between roughly $58,000 and $65,000 for weeks, still well below its all-time high, with little conviction in either direction. Several closely followed traders expect that calm to give way as soon as this weekend, arguing that a decisive daily close above $65,000 would confirm the first genuinely constructive trend in months.

A corporate treasury decision is drawing scrutiny. Satsuma Technology, a Bitcoin-holding company listed in London, will convene a shareholder meeting on July 20 to vote on liquidating its entire 668.48 BTC position and delisting from the exchange. The proxy submission deadline has already passed, leaving the in-person ballot as the final decision point. A full disposal would mark a notable reversal for a listed firm that had built its strategy around a Bitcoin reserve, and it lands as investors question the durability of leveraged corporate treasury models. The outcome will test whether public-company shareholders still back holding Bitcoin directly on the balance sheet, or prefer to crystallize the position into cash.

Beyond the crypto tape, a jolt in equities is spilling into derivatives. Shares of SpaceX, which completed a record $85.7 billion initial public offering in June, have fallen below their $135 offer price after peaking near $225 in the debut week — a roughly 40% slide that trimmed the company’s valuation from a $2.8 trillion peak to about $1.6 trillion. Despite the weakness, crypto venues still carry heavy leveraged exposure to the name. On-chain and exchange data show open interest in perpetual futures tracking the stock at around $600 million, underscoring how tightly speculative positioning has wrapped itself around one of the year’s marquee listings even as the shares unwind.

A separate episode is testing the integrity of prediction markets. The White House placed a staffer responsible for teleprompter operations on unpaid leave on July 16, following allegations that the individual exploited advance access to President Trump’s speech scripts. According to the accusations, the aide used foreknowledge of the remarks to place trades on the prediction platform Kalshi, booking more than $100,000 in profit. The case highlights the informational asymmetries that can surface as event-contract venues scale, and it revives long-running questions about surveillance and fairness on platforms where non-public knowledge can be converted directly into a settled payout.

Altcoins delivered a mixed session even as Bitcoin stabilized. Cardano (ADA) outperformed the majors with a gain of about 4.5%, pushing back above $0.165, while Cronos (CRO) added more than 5% after news of a $400 million investment into its associated exchange. Ethereum, XRP, Solana and Dogecoin managed only modest advances, and some assets such as Tron drifted lower. Pi (PI) stayed highly volatile, bouncing roughly 8% off a fresh record low near $0.07 to reclaim $0.08. The altcoin segment’s selective strength points to capital rotating toward individual catalysts rather than a broad risk-on move, consistent with Bitcoin’s continued dominance of the market.

COINOTAG’s proprietary 42-indicator composite S/R scoring engine rates immediate support at $63,702 a firm 83/100, driven by the confluence of the EMA 20, SMA 20 and the volume point of control, while the $67,037 resistance scores 81/100 on the strength of the Fibonacci 0.382 retracement and the upper Bollinger Band. Derivatives read constructive but crowded: the perpetual funding rate sits at a mild positive 0.0044%, open interest holds near $12.4 billion, and the long/short account ratio of 1.69 shows 62.8% of traders positioned long. Yet our Fear & Greed gauge prints 25/100, or Extreme Fear, sentiment often seen deep in a bear market. A daily close above $67,000 opens the path higher; a break under $63,700 invalidates the near-term bullish thesis.