Bitcoin Shrugged Off Good CPI and PPI Data: Why Is BTC Still Stalling?

Why is BTC actually down weekly even after the rather positive CPI and PPI data?

Bitcoin investors received what should have been a fairly supportive and positive combination of macroeconomic data in the past week, starting with the weak US jobs report last Friday.

However, the asset failed to produce any significant gains, again. Moreover, it has lost some traction and is actually down on a weekly scale, currently struggling to remain above $63,000. Why is that?

Why No Gains, BTC?

After the jobs report from a week ago, which managed to push BTC beyond $65,000 briefly, all eyes turned to the US CPI data on Wednesday. As reported, the July numbers came broadly in line with expectations, initially leading to a brief rebound to $64,400 before Bitcoin gave the gains back and resumed the downtrend it was already on as the business week progressed.

The subsequent PPI report was even more encouraging, with producer prices remaining flat month-over-month, contrary to expectations of a 0.2% increase. CryptoQuant weighed in on the matter and added that Treasury yields declined, while US equities posted some gains. Under normal circumstances, this combination should have provided some relief for risk-on assets, but BTC has failed to make a move upward.