July headline CPI cooled to 3.4% year over year from 3.5%, with core easing to 2.5% from 2.6%, both matching consensus precisely. Bitcoin dipped below $64,000 after the release, since a print with no surprise in it gives traders nothing to reprice. Analysts framed the data as buying the Fed room to hold in September without handing crypto a catalyst, leaving next month's rate decision a genuine coin toss after last week's payrolls shock.