Bitcoin Under Pressure as US Inflation Data Looms

Bitcoin came under pressure on Tuesday, trading around ₹60.9 lakh as cryptocurrency investors turned cautious ahead of the latest US inflation data. Bitcoin slipped below the crucial $65,000 level, with the market facing selling pressure and weaker demand. Ethereum also declined, reflecting the broader weakness across major digital assets. Recent market reports put Bitcoin around $64,000, while Ethereum traded near $1,870.

Higher oil prices, profit-taking and a reversal in US spot Bitcoin ETF flows have added to the pressure on the cryptocurrency market. Strategy also sold 1,690 BTC worth about $108.6 million between August 3 and 9, adding another supply-side factor to market sentiment. Analysts expect Bitcoin to remain sensitive to the upcoming inflation data, with the $63,000 level emerging as an important support zone and $65,000 remaining a key resistance area.