Bitcoin climbed above $65,000 on Wednesday, breaking through a level that had rejected several recovery attempts since the market’s June selloff.
BTC reached an intraday high near $65,500 before settling around $65,000, up roughly 5% over seven days. The breakout carried Bitcoin above the upper boundary of the short-term range that repeatedly capped price between $64,000 and $65,000 earlier in July.
The rebound follows a volatile six-week stretch that briefly sent Bitcoin below $60,000 in late June. BTC had already recovered from a drop below $63,000 earlier this week, when another rejection near $64,300 returned attention to support around $61,700.
Softer U.S. Inflation Supports Risk Assets
The rally followed a 0.3% decline in U.S. producer prices during June, reversing a 0.6% increase in May. Annual producer inflation slowed to 5.5% from 6.5%, while energy prices dropped 6.4% during the month.
The weaker print reduced immediate pressure for another Federal Reserve rate increase and coincided with gains across crypto and other risk-sensitive markets. June consumer prices also softened, with the headline index falling 0.3% before seasonal adjustment and annual inflation easing to 3.5%.
Regulated fund demand strengthened the rebound. U.S. spot Bitcoin and Ether ETFs attracted $239.42 million on July 14, reversing the previous session’s combined redemptions. Bitcoin products brought in $181.08 million, while Ether funds added $58.34 million.
Ether Outpaces Bitcoin Above $1,900
Ether rose above $1,900 for the first time in 43 days, returning to levels last traded before the early-June liquidation wave. ETH reached $1,943 intraday and traded near $1,922 during the latest market check, up about 3% over 24 hours and nearly 11% over seven days.
The advance completed a breakout that began when Ethereum reclaimed $1,800 and tested $1,820 resistance. ETH also strengthened against Bitcoin, with the ETH/BTC ratio moving above 0.029 after spending much of the second quarter under pressure.
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