The Bitcoin price is down 0.66% and trading at $63,495.84 over the last day. That is a little weaker than the rest of the market, which has been mostly flat.
Traders are pulling back ahead of today’s U.S. CPI report. And it makes sense, BTC is tightly linked to the S&P 500 right now, with an 84.5% correlation. So when stocks struggle, Bitcoin feels it too.
The pressure is coming from a few places: weakness in equities, a rejection near $65,000, and recent outflows from spot Bitcoin ETFs. The Fear & Greed Index is sitting at 37, which tells you people are cautious.
On top of all that, there is a BTCPay Server vulnerability that let attackers drain funds from some merchants’ Lightning nodes. That adds to the unease.
With CPI data coming later today, the Bitcoin price could move big in either direction depending on what the numbers show.
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News Pushing the Bitcoin Price
A security issue affecting BTCPay Server has added another risk factor for Bitcoin users. The payment processor disclosed an actively exploited vulnerability that exposed credentials linked to some LND Lightning nodes, with confirmed cases of merchant funds being drained.
The security issue only affects certain BTCPay setups that use LND, not the Bitcoin blockchain itself. Operators have been told to upgrade to BTCPay Server 2.4.2, change their credentials, and check their wallets for any unauthorized activity.
Market data tells the same cautious story. The Fear & Greed Index is at 37, down from 38 the day before. That keeps things firmly in the Fear zone.
U.S. spot Bitcoin ETFs hold about $79.7 billion in assets under management. That is mostly flat from $79.84 billion yesterday, but it is up from $77.6 billion a week ago.
Bitcoin dominance is also elevated at 58.65%, up from 58.48% a month ago, and the Altcoin Season Index is only 41. This combination shows capital remains defensive, with Bitcoin retaining a stronger position than most altcoins.
Here’s What the Bitcoin Chart Is Showing
We pulled up the Bitcoin chart, and the short-term picture looks rough. The BTC price could not hold the $65,200 area. It had climbed from the August 3 low around $62,400 up to $65,200 by August 9–10, but that rally stalled. Now it is back near $63,338, right on top of a key support zone.
The first level to watch is $63,300–$63,500, that is where the latest candles are trading right now. If buyers step in there, BTC could try to bounce back toward $64,400. Above that, the next wall is $64,800–$65,200.
If the BTC price can break back above $65,200, that would take some of the bearish pressure off and put the bigger resistance at $66,800–$66,900 back in play.
But if BTC loses $63,300, things get worse. The chart shows a support zone near $62,700 that held during the late-July drop. Below that, the August 3 low around $62,400 is the next big level. And if that breaks, then $62,000 comes into view.
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Where Could the Bitcoin Price Go Today?
For the bulls, the ideal path is a bounce off that $63,300–$63,500 zone, then a push through $64,400 and $65,200. If the CPI numbers come out in favor of risk assets, BTC could aim for $66,800. That would be about a 5.5% gain from $63,338.
The more neutral path is continued back-and-forth between $62,700 and $65,200. That range has held the Bitcoin price for sometime now, and it could stay that way until the inflation data gives traders something to act on.
The bearish path starts with BTC breaking below $62,700. If it then loses the August 3 low around $62,400, the next stop would be $62,000. That would be about a 2.1% drop from the current price.
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