Bitcoin recovered above the $64,000 level on Aug. 12 after a leveraged-position flush drove prices into the $63,200 support zone ahead of the July U.S. Consumer Price Index report. According to crypto.news, BTC traded near $64,130, up 0.83% on the day, after moving between $63,534 and $64,218. The rebound followed a sharp reduction in leveraged exposure, with cumulative longs and shorts delta dropping from more than $400 million to $226 million, a decline of about $174 million. CoinGlass data separately showed $174 million in total crypto liquidations over 24 hours, split between $86.21 million in longs and $87.99 million in shorts, with Bitcoin accounting for $32.73 million in long liquidations and $30.81 million in short liquidations.
Geopolitical uncertainty and caution before the inflation release added pressure alongside the derivatives reset. Iran maintained conditions for reopening the Strait of Hormuz, and investors reduced risk ahead of the CPI. Economists polled by Reuters expected headline CPI to rise 0.1% from June and 3.4% from a year earlier, while core CPI was forecast to increase 0.2% monthly and 2.5% annually. The Bureau of Labor Statistics scheduled the July report for 8:30 a.m. ET on Aug. 12. A hotter reading could strengthen expectations that the Federal Reserve will keep rates elevated, while a softer reading could reduce pressure on risk assets.
Corporate selling also remained part of the market backdrop. Strategy's official Bitcoin ledger showed the company sold 1,690 BTC for about $109 million at an average price of $64,262 during the week ending Aug. 10. Strategy used the proceeds to repurchase STRC preferred shares rather than adding them directly to its cash reserve.
The 4-hour chart showed Bitcoin recovering from the lower Bollinger Band at $63,233, but price remained below the 20-period middle band at $64,394, leaving $64,400 as the first level bulls need to reclaim. Resistance sat near $65,500, with the upper Bollinger Band close to $65,556. Liquidity clusters were concentrated around $63,200–$63,400 below and $64,600–$64,800 above, with larger pools near $65,800–$66,000. Analyst Ted Pillows identified $62,000–$62,500 as the next major support zone after Bitcoin failed to reclaim $65,000.
Dogecoin was the strongest performer among major cryptocurrencies, gaining about 2.9% to trade just above $0.07. BNB followed with a 2% rise to about $614. Ether added 1% to $1,888, XRP rose 0.5% to $1.02, and Solana was nearly flat at $76. Chainlink advanced 3.8% to $8.71, while Hyperliquid fell around 1% to $54.7. U.S. spot Bitcoin ETFs recorded $7.8 million in net inflows on Tuesday, with BlackRock's IBIT attracting $50.2 million, but withdrawals from several competing products offset most of the gain. Brent crude traded near $89.60–$89.70 a barrel, keeping inflation risks elevated.
