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Bitcoin rises to $65,500, hitting a three-week high
Deep Tide TechFlow news. On July 16, according to Cointelegraph, Bitcoin rose to $65,500 on Wednesday, hitting a three-week high since June 22. Data from the U.S. Bureau of Labor Statistics showed that the June Producer Price Index (PPI) increased 5.5% year over year and decreased 0.3% month over month, below market expectations. The final-demand goods price drop of 1.4% was the main drag.
Cooling inflation data for two consecutive days helped risk-asset sentiment recover, and the probability of the Fed raising rates by 25 basis points in September is no longer the top option. However, traders remained cautious about whether Bitcoin can keep rising, saying $67,200 is a key resistance level. Only if it breaks through could it potentially test the $70,000 region; otherwise, it may continue the bear-market statistical pattern of falling back.