Bitcoin Edges Higher on Cooled US Inflation, Stocks Gain

BTCUSD was up around 0.5% on Thursday near $63,900 after the US Producer Price Index (PPI) narrowly cooled in July.

The July PPI print was unchanged month-on-month at 0.2%, while year-on-year increased 4.7% versus an anticipated 4.9%, per data from the Bureau of Labor Statistics (BLS).

US stocks gained at the Wall Street open as PPI further cooled market bets on interest-rate hikes from Federal Reserve policymakers.

Cleveland Fed president Beth Hammack questioned whether even recent cooler data prints would be enough to bring inflation down to the Fed's 2% target, saying 'Maybe we'd get there, but if it takes another three to four years to get there, is that OK? Is that enough?'

Market participants' attention focused on the extremes, with $61,000 becoming a key level to watch due to large potential long position liquidations.