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 matters

July’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 shelf as the level at which roughly a tenth of the supply last changed hands, the heaviest concentration of buyers anywhere near the current price. The short-term holder cost basis, the average price recent buyers paid, is near $69,000.

Buyers who bought near the top of a prior rally and are still underwater tend to sell as soon as price lets them exit at cost, turning their own breakeven point into resistance. Glassnode says clearing it would thin Bitcoin’s supply profile into what it calls an air pocket, with the next structural reference near $84,000.

Bitcoin’s recovery is narrow

Glassnode’s Aug. 10 update says Bitcoin has stabilized near $65,000, recovering from late-June lows around $58,000, with taker buying accelerating and perpetual taker activity running above its usual statistical range.

Institutional net flows are unusually strong, and the options skew has compressed, meaning traders are paying less for downside protection than before.

Centralized exchange turnover stays subdued, active addresses, transfer volume, and fees all sit near the lower end of their statistical range, and realized losses across the network still outweigh realized profits.

Treasury sells $58 billion of 3-year notes on Aug. 11, and Aug. 12 brings both the inflation print and a $42 billion 10-year note auction at 1 p.m. EDT, just hours apart.

Aug. 13 pairs the producer price index with a $25 billion 30-year auction, bringing the week’s total Treasury supply to $125 billion.

Weak demand at either long-duration auction can keep yields elevated even if CPI itself comes in close to consensus. A soft inflation print paired with a poorly received 10-year auction would partly offset each other, while a hot print paired with weak demand would push both in the same direction.