Bitcoin steadies near $64k as CPI dip and miner AI shift raise

Bitcoin hovered around $64,300 on July 31, squeezed between a $62,500 support level and $65,400 resistance, as cooler CPI data and a growing pivot by miners toward AI‑related power use reshaped market sentiment【1】.

Inflation data eases price pressure

The U.S. consumer price index slipped to 3.4% year‑over‑year in July, down from 3.5% in June, removing a short‑term headwind for risk assets and allowing Bitcoin to stabilize within its recent range【1】. Traders noted that the modest CPI decline coincided with a net $4.89 million inflow into spot Bitcoin ETFs, suggesting renewed institutional interest despite the token’s sideways price action【1】.

Miners eye AI, reshaping the supply narrative

In a separate development, major Bitcoin miners are repurposing their electricity‑rich infrastructure for AI computing. Riot Platforms reported an average cost to mine Bitcoin of $49,912 in Q2, up from $48,992 a year earlier, highlighting the diminishing profitability of pure mining when Bitcoin trades below its October 2025 peak【2】. The company’s new agreement with AI firm Anthropic underscores a broader industry trend: miners may earn higher returns by supplying power to AI workloads rather than solely generating new BTC. This shift could diversify hash‑rate ownership, though it does not automatically increase decentralization【2】.

Market context and on‑chain dynamics

Bitcoin’s price remains trapped between the $62,500 support zone—where it found footing after a recent bounce—and the $65,400 ceiling that has capped upside since early July【1】. The 200‑day EMA near $64,300 is a technical pivot; a decisive break above $65,400 would be needed to confirm a bullish breakout, while a slip below $62,500 could trigger a deeper correction【1】. Meanwhile, 70,067 traders were liquidated for $155.39 million in the past 24 hours, reflecting heightened leverage amid the token’s tight range【1】.

What to watch

• $65,400 resistance: A sustained close above this level could signal a move toward the $68,000‑$70,000 zone.
• Miner AI contracts: Further announcements from miners like Riot or other large operators may affect hash‑rate distribution and long‑term supply dynamics.
• CPI releases: Future inflation data that deviates from expectations could reignite volatility and test the $62,500 support.

The convergence of softer inflation and miners’ strategic shift to AI infrastructure suggests Bitcoin’s price may remain range‑bound until a clear catalyst—whether a decisive technical breakout or a major miner‑AI partnership—pushes the market beyond its current confines.