Bitcoin flat at around $64,000

The cryptocurrency was last little changed at $63,452.1

Bitcoin remained below $64,000 on Thursday as investors assessed an in-line U.S. inflation report and cooler-than-expected producer price data. Both eased fears of a near-term U.S. central bank rate hike but offered little new impetus for the cryptocurrency to extend its recovery.

The cryptocurrency was last little changed at $63,452.1 by 21:07 GMT. Bitcoin has largely remained within the $63,000-$65,000 range and has struggled to regain momentum above the $65,000 level.

U.S. producer prices held flat in July, missing forecasts for a modest rise and adding to signs that inflationary pressure is easing ahead of the central bank’s September meeting.

U.S. consumer prices rose 0.1% in July from June and were up 3.4% from a year earlier, matching economists’ expectations, data released on Wednesday showed. Core CPI, which excludes food and energy, rose 0.2% month-on-month and 2.5% year-on-year, also in line with forecasts.

For crypto market participants, however, the softer inflation reading was not enough to trigger a sustained rally.

Geopolitical risks also remained a drag. Iran-U.S. negotiations aimed at easing tensions around the Strait of Hormuz have stalled, with Tehran and Washington setting competing conditions for reopening the crucial shipping route.

Bitcoin’s recent price action also reflects a broader loss of momentum. The token remains below important resistance around $64,000-$65,000.

Attention is also beginning to shift toward the U.S. central bank’s symposium later this month, where policymakers could provide clues on the longer-term rate path.

Despite the cautious near-term tone, institutional demand has provided some support. U.S. spot Bitcoin ETFs recently recorded renewed inflows, although flows have been uneven.