BTC briefly reached $65,511 after breaking key resistance, while cooling PPI data reduced July Fed rate hike probability to 12.3%.
Bitcoin surged past $64K resistance Tuesday, hitting a daily high of $65,511 before settling at $64,858, marking a 0.18% decline. The move follows two weeks of failed attempts to breach this level, though the breakout lacks strong conviction as the descending trend channel from May’s $82,000 peak remains intact.
The S&P 500 and Nasdaq rose 0.39% and 0.67%, respectively, after June’s PPI report showed a 0.3% monthly decline, driven by lower gasoline prices. The data reduced the probability of a July Fed rate hike to 12.3%, down from 31% last week, per CME FedWatch. The VIX fell to 16.5, reflecting subdued market volatility.
Major banks, including Goldman Sachs and JPMorgan, reported Q2 earnings that exceeded analyst estimates, reinforcing a risk-on sentiment. Despite macro optimism, Bitcoin’s price action remains cautious, with traders questioning the sustainability of the breakout.