In this inversion, the bass note and the root of the chord are a fourth apart which traditionally qualifies as a dissonance.
There are four types of second-inversion chords: cadential, passing, auxiliary, and bass arpeggiation.
The cadential 64 can be analyzed in two ways: the first labels it as a second-inversion chord, while the second treats it instead as part of a horizontal progression involving voice leading above a stationary bass.
When moving from I to I 6, the passing chord V64 is placed between them – though some prefer VII 6 to V64 – creating stepwise motion in the bass (scale degrees – – ).
In this progression, the third and fifth rise a step each and then fall back, creating a harmonization for the scale degrees – – in the top voice.