TechFlow news, July 16, according to Cointelegraph, Bitcoin rose to $65,500 on Wednesday, marking a three-week high since June 22. Data from the U.S. Bureau of Labor Statistics shows that the June Producer Price Index (PPI) increased 5.5% year-over-year and decreased 0.3% month-over-month, below market expectations, with a 1.4% decline in final demand goods prices being the main dragging factor.
Cooling inflation data for two consecutive days boosted risk asset sentiment, and the probability of a 25 basis point rate hike by the Federal Reserve in September is no longer the most likely option. However, traders remain cautious about whether Bitcoin can sustain its rise, noting that $67,200 is a key resistance level; only if breached could it test the $70,000 region, otherwise it may fall back following bearish statistical patterns.
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