Bitcoin Edges Higher on Cooler US PPI Data

Bitcoin ($BTC) edged higher on Thursday after the US Producer Price Index (PPI) data came in slightly cooler than expected, providing a boost to US equities.

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

Cleveland Federal Reserve Bank 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?'

Bitcoin long position liquidations are also making $61,000 a key level to watch, according to Rafael Schultze-Kraft, cofounder of onchain analytics platform Glassnode. He noted that 'Long liquidation risk has built up around $61K in the past weeks. If we get there, I'd expect forced selling to add momentum to the downside.'

The $BTC/USD price was up around 0.5% on the day near $63,900 with volatility broadly absent.