Bitcoin Price Rejects $120k After Mixed US PPI Inflation Report

• Bitcoin briefly topped $120k after a flat PPI report but quickly fell as traders eyed mixed details
• The June headline PPI was flat, but underlying data shows inflation remains above the Fed’s 2% target
• In other news, the U.S. House passed three major crypto bills, boosting the industry’s outlook

The U.S. Producer Price Index (PPI) showed no change in June, according to data released Wednesday by the Bureau of Labor Statistics. This was below economists’ expectations of a 0.2% increase, fueling hopes that inflation pressures may be easing. The core PPI, which excludes food and energy, also came in flat.

Following the release, Bitcoin rose sharply, moving from $117,600 to a high of $119,400 within two hours. Bitcoin surged and continued to climb, reaching above $120,000 today. The rally was driven by market optimism that slower inflation could give the Federal Reserve more room to cut interest rates later in the year. 

Related: Three Trends That Defined Crypto in Q2: An ETH Lead, a DEX Rise, and a Blockbuster IPO

However, the momentum did not hold. Sellers stepped in above the $120,000 level, and the price fell back toward $118,400 by mid-afternoon. As …

The post Bitcoin Price Rejects $120k After Mixed US PPI Inflation Report appeared first on Coin Edition.