Bitcoin pushes toward $65,000 on US inflation relief that may already be fading
Bitcoin surged toward $65,000 after June US CPI came in cooler than expected, weakening expectations for another near-term Fed rate hike. BTC briefly hit $64,832, rising about 4% intraday, as headline CPI fell 0.4% month over month and core CPI was flat, both below forecasts. The move also reflected lower Treasury yields and a softer dollar. But the inflation relief may be short-lived. June’s disinflation was driven largely by falling energy prices, and oil has since rebounded amid renewed tensions around the Strait of Hormuz. Higher crude and fuel costs could push July inflation higher, complicating the Fed outlook and limiting Bitcoin’s upside. Bitcoin still faces resistance around $65,000-$66,000, with support near $62,000-$63,000. Whale accumulation and ETF-related buying are helping, but a sustained breakout likely needs calmer oil markets or a more dovish Fed signal.
