Bitcoin tops $65,000 again ahead of inflation data

Bitcoin pushed above $65,000 in early Monday trading before slipping back below the level, extending a stretch that has kept the price above that mark for four straight sessions. Ether traded little changed near $1,910. The move added to a rally built on a much weaker July jobs report than economists had forecast, which cut expectations for a Federal Reserve rate increase in September.

US spot bitcoin and ether ETFs drew a combined $1.1 billion in net inflows for the week ending 7 August, the strongest weekly total since April, with BlackRock's IBIT accounting for the bulk of the bitcoin demand. Attention has now shifted to Wednesday's US Consumer Price Index report, the last major data point before the Fed's next policy decision; economists polled by Reuters expect headline inflation to ease to 3.4 percent annually and core inflation to slow to 2.5 percent.

A market this sensitive to a single inflation print is one still pricing in a rate cut rather than one confident it has already arrived.