Bitcoin Price Nears $65K as US Inflation Data Eases Fed Pressure

Bitcoin's price surged to nearly $65,000 on Thursday after the U.S. Bureau of Economic Analysis published its June Personal Consumption Expenditures report. The report showed that headline PCE inflation cooled to 3.7%, while core inflation eased to 3.3%. This easing of inflation data reduced some pressure on the Federal Reserve to raise interest rates again, which in turn boosted demand for risk assets like Bitcoin.

The cryptocurrency rose to an intraday high of approximately $65,040 but later traded near $64,804, representing a 1.2% gain over 24 hours. Ethereum followed suit with a 1.3% increase to around $1,928, while BNB led the pack with a 3.3% surge to $587.

However, traders remain cautious due to renewed U.S., Iran hostilities, which has increased uncertainty surrounding oil supplies and traffic through the Strait of Hormuz. This has kept safe-haven assets like gold and silver in demand, limiting Bitcoin's upside potential.