Bitcoin showed modest gains on Thursday, trading near $63,900, after July US Producer Price Index (PPI) data confirmed a cooling inflation trend. Monthly PPI remained unchanged at 0.2%, while annual PPI came in at 4.7% versus an expected 4.9%. This cooler inflation data supported US stocks, with the S&P 500 and Nasdaq each rising approximately 0.9%. Odds for a Fed rate pause in September now stand at 65.6%, though Cleveland Fed President Beth Hammack maintained a hawkish tone on monetary policy. The $61,000 level remains under scrutiny due to significant potential long position liquidations.
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