Bitcoin cleared $65,000 on July 15 after a softer-than-expected U.S. producer price report pushed traders toward stocks, gold and crypto. The rally stayed narrow, though, as Brent crude above $85 a barrel kept a check on broader risk appetite.
Bitcoin pushed as high as $65,494 at 8:30 a.m. EDT on Wednesday, clearing $65,000 for the first time in recent sessions. The move followed a cooler-than-forecast reading on U.S. producer prices that shifted trader bets toward easier Federal Reserve policy.
Producer prices come in soft
The Bureau of Labor Statistics reported June Producer Price Index at 5.5%, below consensus estimates and down from prior readings. Lower producer prices tend to feed into consumer inflation over time, and traders read the print as another sign the Fed has room to cut rates later this year.
Treasury yields eased slightly in early trading, a move that typically supports higher valuations for stocks and crypto. The dollar index softened as well, giving a lift to dollar-denominated assets like gold and bitcoin.
Bitcoin breaks $65,000
Bitcoin opened the session near $64,989 before reaching its intraday high. Trading volume stayed heavy through the move, a signal that both institutional buyers and retail traders were active.
Altcoins followed bitcoin's lead, though bitcoin's share of total crypto market value stayed elevated as investors favored the most liquid token. While BTC is up more than 5% this week, ether is up more than 10% over the seven-day timeframe.
Oil keeps the rally narrow
The gains did not spread evenly. Brent crude traded around $84 a barrel at 8:30 a.m. EDT, while West Texas Intermediate held near $79.54, both well above recent averages as tensions between the U.S. and Iran continued. The Strait of Hormuz, which carries roughly 20% of the world's oil supply, remained the focal point.
Because of this, gains stayed concentrated in chip stocks and bitcoin rather than spreading across the broader market. Traders believe sustained oil prices near current levels could show up in future inflation data, limiting how much room the Fed actually has to cut.
Sources: Bureau of Labor Statistics, Bitcoin News
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