Bitcoin rebounds above $64,000 after softer U.S. inflation data improves demand for risk assets. Standard Chartered maintains its $100,000 forecast, while traders watch resistance near $65,000 to $67,000 for signs of a stronger recovery
Bitcoin has recovered to about $64,600 after slipping below $60,000 earlier in July. The rebound follows softer U.S. inflation data and renewed demand across risk assets. Standard Chartered has kept its $100,000 year-end target, treating recent market pressure as temporary rather than a change in Bitcoin’s broader outlook.
The bank’s call arrives as traders debate whether the recovery marks a lasting turn or another rally inside a wide trading range. Bitcoin now faces resistance near $65,000 to $66,000, while support around $62,000 to $63,000 has helped limit recent declines. The price has also moved back toward the upper end of its month-long range after a volatile start to July.
Standard Chartered Keeps $100K Bitcoin Target
Standard Chartered’s Geoffrey Kendrick has maintained the bank’s end-2026 Bitcoin price target of $100,000. He said concerns linked to Strategy’s recent Bitcoin sales reflect a “communication challenge, nothing more.”
The bank also described Bitcoin near $64,000 as a “screaming buy,” while viewing Strategy-related pressure as short-term market noise. Kendrick’s forecast places the target about 55% above Bitcoin’s current market price.
Strategy sold 3,588 Bitcoin between June 29 and July 5 for about $216 million. The company used the proceeds to support preferred-share payments and increase its cash reserve. It still holds about 843,775 Bitcoin.
Standard Chartered said the sales do not point to balance-sheet stress, though they have raised questions about Strategy’s changing use of its holdings. The company previously built its market identity around steady Bitcoin accumulation and limited sales.
Cooler Inflation Supports Bitcoin Recovery
Meanwhile, the U.S. Consumer Price Index fell 0.4% in June, marking the largest monthly decline since April 2020. Annual inflation slowed to 3.5% from 4.2% in May, below the 3.8% forecast. Core inflation stayed flat during the month and eased to 2.6% from a year earlier. The figures reduced pressure on policymakers to raise interest rates at the next meeting.
Energy prices drove much of the decline. The energy index fell 5.7% during June, while gasoline prices dropped 9.7%. The report reduced expectations for an immediate Federal Reserve rate increase.
Bitcoin moved above $64,000 after the release, while Treasury yields fell and the U.S. dollar weakened against several major currencies. Lower yields often support demand for assets that do not pay fixed income.
Bitcoin Faces Resistance Near $65K
Additionally, the rally forced traders holding bearish positions to close leveraged trades. Crypto liquidations reached about $220 million over a 12-hour period, with short positions making up roughly $179 million.
These forced purchases added momentum after Bitcoin moved through the upper area of its recent trading range. The move also pushed the asset above its 30-day average near $62,600.
Bitcoin has traded near $64,600, with an intraday high above $65,100. A daily close above the $65,000 to $66,000 resistance area could support a move toward higher levels. Failure to hold $63,000 could return attention to $62,000 and the recent low below $60,000.
Traders are also watching oil prices and the Federal Reserve’s July meeting for the next macro signal. Rising energy costs could revive inflation concerns before the next CPI report and alter expectations for interest rates later this year again.
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