Bitcoin bottom thesis questioned as muted reaction follows soft CPI data

The current Bitcoin bottom thesis is being questioned after Bitcoin’s expected rally following the U.S. Consumer Price Index (CPI) report for July 2026 failed to materialize. The U.S. Bureau of Labor Statistics (BLS) released data on Wednesday, August 12, 2026, showing a 3.4% year-over-year increase in headline CPI, perfectly aligning with economists’ forecasts.Despite this seemingly favorable macroeconomic news, Bitcoin (BTC) saw only a marginal 0.3% gain, climbing to approximately