Bitcoin Climbs Back Toward $64,000 After Softer U.S. CPI Lifts Risk Sentiment

Bitcoin (BTC) is working its way back toward the $64,000 mark after a cooler-than-expected U.S. inflation report improved risk appetite across crypto markets. June CPI came in at 3.5%, below the 3.8%–3.9% range expected by analysts, helping BTC rebound from midweek lows. Earlier in the week, Bitcoin briefly dipped below $62,000 as renewed Middle East tensions weighed on sentiment. The CPI surprise then triggered a bounce toward a three-week high near $65,500. Order flow suggests buyers have consistently stepped in on dips into the low $62,000s, keeping BTC range-bound as traders look ahead to the next macro catalyst. On-chain data shows an unusual pickup in transfers of long-dormant Bitcoin over the past 24 hours, a pattern often associated with upcoming volatility expansions. Analysts view the reactivation of older coins—supply that had been inactive for extended periods—as a signal that the market's months-long lull may be nearing an end. Bitcoin has spent weeks oscillating between roughly $58,000 and $65,000, still well below its all-time high, with limited conviction from either buyers or sellers. Several widely followed traders argue that a decisive daily close above $65,000 could mark the first clearly constructive trend in months, and some expect the current calm to break as soon as this weekend. Corporate treasury strategy is also in focus. London-listed Bitcoin-holding firm Satsuma Technology will hold a shareholder meeting on July 20 to vote on liquidating its entire 668.48 BTC position and delisting from the exchange. With the proxy submission deadline already passed, the in-person vote will be the final decision point. A full sale would represent a sharp reversal for a listed company built around maintaining a Bitcoin reserve and comes as investors reassess the durability of leveraged corporate treasury approaches. The outcome will test whether public-company shareholders still favor holding Bitcoin on the balance sheet or prefer converting exposure into cash. In equities, a sharp move is spilling into derivatives positioning. Shares of SpaceX, which completed a record $85.7 billion initial public offering in June, have dropped below the $135 offer price after peaking near $225 in the first week of trading. The roughly 40% decline has cut its valuation from a $2.8 trillion peak to about $1.6 trillion. Despite the slide, crypto venues continue to show heavy leveraged exposure: on-chain and exchange data indicate open interest in perpetual futures tied to the stock is around $600 million. A separate development is raising questions about prediction-market integrity. The White House placed a staffer responsible for teleprompter operations on unpaid leave on July 16 following allegations that the individual used advance access to President Trump's speech scripts to trade on the prediction platform Kalshi, reportedly earning more than $100,000. The episode underscores the informational asymmetries that can emerge as event-contract markets scale and renews scrutiny around surveillance and fairness where nonpublic information can translate directly into payouts. Altcoins were mixed as Bitcoin steadied. Cardano (ADA) led major tokens, gaining about 4.5% to move back above $0.165. Cronos (CRO) rose more than 5% after news of a $400 million investment into its associated exchange. Ethereum, XRP, Solana and Dogecoin posted modest gains, while some assets, including Tron, edged lower. Pi (PI) remained highly volatile, bouncing roughly 8% from a fresh record low near $0.07 to reclaim $0.08. The selective strength suggests rotation into idiosyncratic catalysts rather than a broad risk-on rally, consistent with Bitcoin's continued market dominance. COINOTAG's proprietary 42-indicator composite S/R model places immediate support at $63,702 with a score of 83/100, citing the confluence of the EMA 20, SMA 20 and the volume point of control. Resistance at $67,037 scores 81/100, supported by the Fibonacci 0.382 retracement and the upper Bollinger Band. Derivatives indicators look constructive but crowded: perpetual funding is slightly positive at 0.0044%, open interest sits near $12.4 billion, and the long/short account ratio of 1.69 implies 62.8% of traders are positioned long. Even so, the Fear & Greed gauge remains at 25/100 (Extreme Fear), a sentiment level more commonly associated with deeper bear-market conditions. A daily close above $67,000 would open the door to further upside, while a break below $63,700 would undermine the near-term bullish setup.