Bitcoin cooling PPI supported BTC on Thursday. The asset edged away from weekly lows.
BTC/USD traded up around 0.5% on the day near $63,900. Volatility remained broadly absent, per TradingView data.
Why Bitcoin cooling PPI matters
July PPI data showed cooler inflation trends. The month-on-month figure was unchanged at 0.2%. Year-on-year PPI increased 4.7% versus an anticipated 4.9%.
Falling gasoline and energy prices provided the biggest relief. Econoday analysts highlighted this in their commentary.
US stocks gained at the Wall Street open. The S&P 500 rose 0.87%. The Nasdaq Composite climbed 0.94%.
CME FedWatch Tool showed 65.6% odds of holding rates steady. This applies to the September FOMC meeting. July CPI data already boosted the rate-pause outlook.
Bitcoin faces long position liquidations at $61K
Glassnode co-founder Rafael Schultze-Kraft warned about $61,000. “Long liquidation risk has built up around $61K in recent weeks,” he said.
Forced selling could add momentum to the downside if price reaches that level.
$63,000 is also a key level. Repeated retests increase the odds of support failure.