password_verify() returning false

Question

I'm having a seeming spontaneous problem. Suddenly my password_verify() function is returning false.

<?php
$email = $_POST['email'];
$password = $_POST['password'];
$sql1 =
    "SELECT `merchants_id`, `password`, `name` FROM table_name WHERE `email` = :email;";
$binds = array(
    'email' => $email
);

$findvalue = Mage::getSingleton('core/resource')->getConnection('core_read')->fetchAll($sql1, $binds);
$findvalue = $findvalue[0];

$verified = password_verify($password, $findvalue['password']);
?>

As you may be able to see, I'm using Magento (Fully patched 1.7) and their methods to execute the query.

If I parse it through password_get_info($findvalue['password']) it picks up that the password is valid and outputs the expected data (encryption type etc) however $verified returns FALSE

The database field is set, and has always been set, to varchar(255).

EDIT---

This is the code that was used to create the passwords:

    $hash = password_hash($value['password'], PASSWORD_BCRYPT);
    $updateSql = 'UPDATE table_name SET `password` = :password WHERE `merchants_id` = :merchant_id;';
    $updateBinds = array(
        'password' => $hash,
        'merchant_id' => $value['merchants_id']
    );
    $cxn->query($updateSql, $updateBinds);

Also, as requested here is a password string: $2y$10$TfTULzD9eVUEdjaquhcUmOhGD07X5VV3MloCpjaOmpt3GqOBpEhmm

Answer 1

I reset my password and it all worked.

I have a suspicion that it may be because I upgraded my PHP version to 5.6 meaning the algorithm may have changed.