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Bitcoin jumps to $65,500 amid cooler US PPI inflation data
BTC reached $65,500, its highest level since June 22, after June Producer Price Index showed 5.5% year over year and a 0.3% monthly decline.
Bitcoin rose to around $65,500, its highest level since June 22, after fresh US inflation data came in below expectations for a second straight day, according to Cointelegraph. Trading data cited by the outlet showed BTC/USD reaching the $65,500 area.
Cointelegraph said the June Producer Price Index came in at 5.5% year over year, with a 0.3% monthly decrease. The outlet also noted a BLS breakdown that the index for final demand goods fell 1.4%, while final demand services rose 0.2%.
Cointelegraph attributed the move to shifting rate expectations, pointing to commentary that the data could support risk assets and temper expectations for upcoming Federal Reserve action. The outlet also referenced CPI arriving with a downside surprise earlier in the week, despite macro pressure tied to the US-Iran war and its impact on oil prices.
Citing CME Group’s FedWatch Tool, Cointelegraph said a 0.25% hike was no longer viewed as the most likely option for the September FOMC meeting. The outlet also mentioned market liquidity levels near $65,600 and $67,200 in trader commentary, and noted analysts tracking BTC’s proximity to a 50-month exponential moving average.
Latest closeBitcoin $65,023.41 ▲0.1%