Bitcoin fell below $63,500 around Wednesday's Wall Street open after July U.S. inflation matched expectations, leaving the Federal Reserve outlook broadly unchanged and attention shifting to the next producer-price report. At the same time, CryptoQuant said on-chain data suggests Bitcoin may be in the early stages of a macro bottom: its adjusted Net Unrealized Profit/Loss metric for long-term holders has turned negative and fallen below the broader market average, a pattern seen at past cycle lows, though analysts said current readings have not yet reached the deeper stress levels associated with prior final bottoms. Separate CryptoQuant data showed Bitcoin's 90-day correlation with gold reversing from nearly -0.9 in early 2026 to around +0.7, reviving the digital-gold narrative, while traders continued to watch firm downside hedging demand near $60,000 and repeated resistance in the $65,000 to $65,500 area.