Bitcoin enters CPI week caught between a $63,000 on-chain demand zone and $69,000 holder resistance

Bitcoin trades near $64,000 heading into the most consequential US macro week of August, sitting almost on top of the market's largest nearby demand concentration.The Aug. 12 inflation report, due less than 48 hours out, will help decide whether that floor holds or gets tested.Glassnode's latest on-chain map puts that demand shelf at roughly $63,000, an area holding close to a tenth of Bitcoin's circulating supply. The market's repair test sits near $69,000, where recent buyers reach breakeven on their positions.Why Wednesday mattersJuly's jobs report showed that payrolls fell by 23,000 against expectations for an 80,000 gain, and May and June were revised down by a combined 103,000. Traders repriced September hike odds down into the mid-to-high 40% range.For the Aug. 12 CPI results, economists polled by Reuters expect headline inflation at 3.4% year-over-year and core inflation at 2.5%, both down from June's 3.5% and 2.6%, respectively.A cooler print validates the case for a Fed pause, and a hotter one reopens the argument that inflation remains sticky even as hiring slows, the combination that keeps a central bank from stepping back.Glassnode's July report identified the $63,000 ...