TLDR
- Bitcoin hit $65,500 on July 15, its highest price since June 22
- US PPI came in at 5.5% year-on-year with a 0.3% monthly decrease, beating expectations
- Fed rate hike odds shifted, with a September 0.25% hike no longer the most likely outcome
- Bitcoin steadied near $64,830 on July 16 as US-Iran tensions weighed on risk appetite
- Traders are watching $67,200 as the key level for a potential move toward $70,000+
Bitcoin climbed to its highest point in three weeks on Wednesday after US inflation data came in cooler than expected for the second day in a row.
BTC/USD reached $65,500 on July 15, a level not seen since June 22, according to data from TradingView.
The move came after the June Producer Price Index (PPI) printed at 5.5% year-on-year, following a 0.3% monthly drop. The Bureau of Labor Statistics said the decline was driven mainly by a 1.4% fall in goods prices.
BREAKING: June PPI Inflation falls to 5.5%, below expectations of 6.2%.
Core PPI Inflation fell to 4.7%, below expectations of 5.2%.
Month-over-month PPI inflation fell -0.3%, the biggest decline since April 2025.
The odds of rate hikes are declining further.
— The Kobeissi Letter (@KobeissiLetter) July 15, 2026
This followed Tuesday’s Consumer Price Index (CPI) release, which also surprised to the downside despite upward pressure from rising oil prices linked to the ongoing US-Iran conflict.
Economist Mohamed El-Erian commented on the PPI figures, saying they were “much better-than-expected” and would “boost equities and further temper market expectations for upcoming interest rate hikes.” El-Erian’s comments reflected a broader shift in market sentiment toward risk assets.
Trading resource The Kobeissi Letter noted that “inflation expectations continue to decline,” pointing to falling odds of a Fed rate hike on prediction platform Polymarket.
CME Group’s FedWatch Tool confirmed the shift, showing a 0.25% hike at the September FOMC meeting is no longer the most probable outcome.
Key Price Levels to Watch
Trader Daan Crypto Trades highlighted $65,600 and $67,200 as key liquidity levels above the current price. In a post on X, he wrote that breaking above $67,200 “would turn this into a bigger move” and put Bitcoin on course for the $70,000+ region. He also noted that Bitcoin is closing in on its Bull Market Support Band, which now sits near $70,000, and that a confirmed breakout and retest on the weekly timeframe would signal a high timeframe bottom.
$BTC Is closing in on its Bull Market Support band again. The band now sits at the $70K mark which would be the next logical target upon a break above $67K.
In May, Bitcoin attempted to break above the BMSB but failed to hold it on the retest and proceeded to make new lows… pic.twitter.com/CbDksxI9me
— Daan Crypto Trades (@DaanCrypto) July 15, 2026
Analyst Rekt Capital flagged that BTC is approaching its 50-month exponential moving average, a level that has historically triggered price rejection in bear market cycles.
Bitcoin Pulls Back Slightly on July 16
By July 16, Bitcoin had eased to $64,830, down 0.2% on the day, though still up around 1.6% for the week.
US-Iran tensions continued to weigh on sentiment, with the two countries exchanging strikes for a fifth consecutive day. Disruption to oil flows through the Strait of Hormuz kept energy prices elevated and markets cautious about a potential inflation resurgence later in the year.
A selldown in chipmaking stocks also added pressure to broader risk appetite on Thursday.
Bitcoin was trading up approximately 1.6% on the week as of July 16.
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