Bitcoin hits $65.5K as more surprise US inflation data sparks three-week BTC price high
Bitcoin (BTC) saw three-week highs on Wednesday as US inflation data beat expectations for a second day. Key points:Bitcoin sees copycat bullish price action as US inflation data cools for a second day running.Risk assets get a more positive outlook as Fed rate-cut odds drop.Traders stay conservative over Bitcoins ability to continue higher. Bitcoin gains after “much better-than-expected” US PPI Data from TradingView showed BTC/USD reaching $65,500 for the first time since June 22.BTC/USD 12-hour chart. Source: Cointelegraph/TradingView The June print of the Producer Price Index (PPI) came in cool at 5.5% year-on-year after a 0.3% monthly decrease, per data from the Bureau of Labor Statistics (BLS). “The June decline in the index for final demand can be attributed to prices for final demand goods, which fell 1.4 percent. In contrast, the index for final demand services moved up 0.2 percent,” an official news release stated.PPI one-month % change. Source: BLS Reacting, economist Mohamed El-Erian was upbeat on the outlook for risk assets and Federal Reserve policy. “These much better-than-expected figures are set to boost equities and further temper market expectations for upcoming interest rate hikes,” he wrote in a post on X. PPI joined Tuesdays Consumer Price Index (CPI) release, which surprised to the downside despite macro