Bitcoin (BTC) Enters CPI Week With $64K Support

Bitcoin News

Bitcoin (BTC) is holding the low-$64,000 zone ahead of Wednesday's U.S. inflation release, after a weak July payroll report shifted Federal Reserve expectations and gave the market a short-term stability patch. Our reading of the latest price action places the largest cryptocurrency near $64,950 during Monday trading, with a brief push above $65,400 failing to turn into accepted support. The immediate floor sits around $64,500, while resistance begins at $65,300 and extends to $66,300. Friday's labor data showed the U.S. economy lost 23,000 nonfarm jobs in July, unemployment remained at 4.1%, and prior May and June payrolls were revised down by a combined 103,000 positions, according to Bureau of Labor Statistics records. That softness cooled worries about additional tightening and produced a nearly 2% Bitcoin bounce that has lasted three sessions. Exchange-traded product flows add another layer of support: aggregate spot-ETF data for Aug. 3-7 showed roughly $854 million of net inflows, including about $694 million into BlackRock's IBIT. The $65,000 level remains a contested zone rather than confirmed support, leaving the market sensitive to the next inflation signal. For context on the asset's structure, see our Bitcoin hub and What is Bitcoin (BTC)? Complete Guide. The next trigger is July CPI at 8:30 a.m. ET on Wednesday.

A separate longer-dated narrative centers on supply compression rather than immediate macro data. A Gemini AI scenario projects that the fourth halving's issuance cut can carry the asset from about $65,100 toward $150,000-$180,000 by the end of 2026, framing the move as a structural imbalance rather than a short-term trade. The model's assumptions include accelerating institutional spot-ETF demand, corporate treasury holdings that are less likely to sell, global monetary easing, and legislative interest in sovereign reserves. It also identifies three main threats to that path: interest rates staying high for longer, a broader recession, and unexpected regulatory pressure. In that adverse case, the forecast points to a possible retest of support between $48,000 and $52,000. This is not a trading signal, and an AI output should not be treated like an AI Trading Bot execution strategy. The chart backdrop shows why conviction remains divided: after a prior peak near $126,000 in October, price fell through several phases before stabilizing with higher lows this summer. Recent session data placed Bitcoin around $65,042, with resistance overhead at $68,000, $72,000, and $80,000. A clean break of $68,000 would be the first technical sign that the scarcity thesis is gaining market acceptance, while failure there would keep the recovery inside a range rather than extending toward a new all-time high.

Derivatives positioning makes $64,000 the immediate battleground before the CPI release. Deribit open-interest data shows 568.9 BTC in Bitcoin options set to expire on Aug. 12, worth about $36.95 million, with the max-pain level at $64,000. At roughly $64,958, spot price is only 1.5% above that dealer-favored strike, meaning hedging flows can pull price toward equilibrium into expiry. The put wall is concentrated at $63,500, creating a visible downside shelf where hedging could intensify if inflation comes in hot. On the upside, call open interest is heaviest near $66,000, with additional clusters at $65,500, $66,500, and $67,500. The put-call ratio stands at 0.68, as calls total 338.5 BTC against 230.4 BTC in puts, and the same bias appeared in the latest 24-hour volume: 2,519 BTC of calls traded versus 1,708 BTC of puts. CME FedWatch now shows a 56.1% September hold against 43.9% for a hike. That lean remains constructive without dismissing downside risk, especially after a period that sometimes felt like a bear market for momentum traders. On-chain supply data adds a stabilizing signal: the one-year active supply ratio moved from 37.4% to 37.9% between July 30 and Aug. 3, then eased to 37.8%, suggesting panic-driven coin movement has cooled. Bollinger-band compression on the daily chart also points to falling volatility, a condition that often precedes a larger directional move.

COINOTAG's analysis reads these three threads as one setup: macro data determines whether the supply-squeeze thesis can overcome near-term options gravity. The load-bearing primary record is Deribit's Aug. 12 options board, which shows 568.9 BTC open interest, $64,000 max pain, a $63,500 put wall, and a $66,000 call cluster. That structure implies dealer hedging could pin or amplify moves around CPI rather than create a fundamental trend by itself. If inflation confirms cooling, the path toward $66,000 becomes mechanically easier; if it surprises higher, the put shelf may become the first test. Longer-term AI scarcity projections remain possible, but they require the options market to stop treating $64,000 as the near-term anchor.