Bitcoin price tops $65K ahead of key U.S. CPI report

Bitcoin pushed above $65,000 during early trading on Aug. 10 before slipping back below the level, extending its recovery as investors reassessed the U.S. interest rate outlook. Summary SoSoValue reported $854 million in weekly Bitcoin ETF inflows as BTC briefly topped $65,000 Monday. July payrolls fell 23,000, prompting traders to reduce expectations for another Federal Reserve rate increase. U.S. July CPI arrives Wednesday, with economists expecting headline inflation to slow to 3.4% annually. BlackRock’s IBIT drew $694 million last week, leading positive flows across U.S. Bitcoin ETF products. Bitcoin gained 3.4% over seven days while remaining roughly 48% below its October record high. BTC was trading near $64,955 at the time of writing, up 0.3% over 24 hours and 3.4% over seven days. Its intraday high reached $65,363. The move leaves traders with a clear macro event ahead. The Bureau of Labor Statistics will release July consumer inflation data at 8:30 a.m. ET on Wednesday, Aug. 12. The report follows Friday’s unexpectedly weak employment numbers, which reduced expectations that the Federal Reserve would need to raise rates again soon. Bitcoin gets relief from weaker U.S. jobs...