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Bitcoin stuck near $63,000 echoes pre-2023 rally pattern

Bitcoin has remained in a narrow range around $63,000, entering a technical compression phase similar to the period just before a major rally began in 2023. U.Today reported that the Bollinger Band width on the daily chart has narrowed to its lowest level since October 2023. Some traders see July CPI meeting expectations as supporting expectations the Fed will hold rates in September, which bulls say could reinforce a repeat of a bullish fractal. Others warn volatility could break lower amid macro risks.