bullish

FOMC

Wednesday

Bitcoin

Rekt

Bitcoin (BTC) saw three-week highs on Wednesday as US inflation data beat expectations for a second day.
Key points:
<ul>
 <li>Bitcoin sees copycat bullish price action as US inflation data cools for a second day running.</li>
 <li>Risk assets get a more positive outlook as Fed rate-cut odds drop.</li>
 <li>Traders stay conservative over Bitcoin’s ability to continue higher.</li>
</ul>
<h2 id="bitcoin-gains-after-much-better-than-expected-us-ppi">Bitcoin gains after “much better-than-expected” US PPI</h2>
Data from TradingView showed BTC/USD reaching $65,500 for the first time since June 22.<img alt="" height="818" src="https://s3-images.ctmedia.io/media/content/btcusd2026-07-1517-12-02.png" width="1134">
BTC/USD 12-hour chart. Source: Cointelegraph/<a href="https://www.tradingview.com/symbols/BTCUSD/" rel="noopener noreferrer nofollow">TradingView</a>
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 <a href="https://www.bls.gov/news.release/ppi.nr0.htm" rel="noopener noreferrer nofollow">official news release</a> stated.<img alt="" height="1080" src="https://s3-images.ctmedia.io/media/content/ppi-for-final-demand-1-m-5.png" width="1400">
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 <a href="https://x.com/elerianm/status/2077373017890377842" rel="noopener noreferrer nofollow">post on X</a>.
PPI joined Tuesday’s Consumer Price Index (CPI) release, which <a href="https://cointelegraph.com/markets/bitcoin-jumps-on-lowest-us-cpi-since-2020-as-traders-stay-wary-of-64k-failure" rel="noopener noreferrer nofollow">surprised to the downside</a> despite macro pressure from the US-Iran war and its <a href="https://cointelegraph.com/markets/bitcoin-threatens-62k-in-risk-asset-out-as-donald-trump-says-us-will-run-closed-hormuz-strait" rel="noopener noreferrer nofollow">impact on oil prices</a>.
“Inflation expectations continue to decline,” trading resource The Kobeissi Letter added, referencing bets on a Fed interest-rate hike from users of prediction service Polymarket.
<blockquote class="twitter-tweet"><a href="https://x.com/KobeissiLetter/status/2077377156355658238" rel="noopener noreferrer nofollow">https://x.com/KobeissiLetter/status/2077377156355658238</a>
</blockquote>
The latest data from CME Group’s <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html" rel="noopener noreferrer nofollow">FedWatch Tool</a> also showed change afoot in expectations for the Fed’s September decision, with a 0.25% hike no longer the most likely option.<img alt="" height="726" src="https://s3-images.ctmedia.io/media/content/screenshot-2026-07-15-at-165912.png" width="1150">
Fed target rate probability comparison for September FOMC meeting (screenshot). Source: CME Group
<h2 id="btc-price-momentum-battles-bear-market-history">BTC price momentum battles bear-market history</h2>
Assessing current BTC price action, market participants avoided overly bullish takes.
Related: <a href="https://cointelegraph.com/markets/bitcoin-gets-new-80k-august-target-watch-these-btc-price-levels-next" rel="noopener noreferrer nofollow">Bitcoin gets new $80K August target: Watch these BTC price levels next</a>
“Liquidity sitting above at the $65.6K mark and most importantly, the $67.2K mark,” trader Daan Crypto Trades <a href="https://x.com/DaanCrypto/status/2077342374301225070" rel="noopener noreferrer nofollow">wrote</a> on X, referring to exchange order-book liquidity.
<blockquote>
 “Breaking above the latter would turn this into a bigger move and we can start targeting the $70K+ region again and truly position Bitcoin in the middle of its $60K-$80K range.”
</blockquote><img alt="" height="920" src="https://s3-images.ctmedia.io/media/content/hnqzmfowaaevy44.jpeg" width="1340">
BTC/USDT perpetual contract four-hour chart. Source: Daan Crypto Trades/X
 Trader and analyst Rekt Capital noted that BTC was approaching its 50-month exponential moving average (EMA) — a level from which the price should be rejected if <a href="https://cointelegraph.com/markets/bitcoin-price-gains-nearly-10-in-july-but-traders-still-see-btc-copying-2022-bear-market" rel="noopener noreferrer nofollow">bear-market history</a> were to repeat.
<blockquote class="twitter-tweet"><a href="https://x.com/rektcapital/status/2077386695666807022" rel="noopener noreferrer nofollow">https://x.com/rektcapital/status/2077386695666807022</a>
</blockquote>
“If we follow the same statistical pattern seen over the past 12 months, BTC would likely derisk for the remainder of the month and push back down,” trader Killa added on the topic.<img alt="" height="930" src="https://s3-images.ctmedia.io/media/content/hnrq4rfw0aapbiy.png" width="1942">
BTC chart. Source: Killa/X

Bitcoin hits $65.5K as more surprise US inflation data sparks three-week BTC price high

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