Bitcoin moved close to the $65,000 mark on Thursday after a key US inflation gauge came in slightly cooler than expected, easing concerns that the Federal Reserve could be forced into further interest rate rises.
The cryptocurrency briefly touched an intraday high of around $65,040 following the release of June’s Personal Consumption Expenditures (PCE) data from the US Bureau of Economic Analysis, before trading near $64,804 – up about 1.2% over the previous 24 hours, according to figures compiled by crypto.news.
That represented a rebound from an earlier low near $63,252, with Bitcoin attempting to regain momentum after the Federal Reserve left its benchmark interest rate unchanged in a range of 3.5% to 3.75% for a fifth straight meeting.
Major cryptocurrencies edge higher
Ethereum traded higher alongside Bitcoin, rising about 1.3% to approximately $1,928. BNB advanced more strongly, climbing 3.3% to $587, while Solana gained 1.6% to $74.64.
Among other large-cap altcoins, XRP added 0.7%, TRON rose 0.4% and Hyperliquid increased 2.7%. Dogecoin was broadly flat, suggesting traders had not yet rotated aggressively back into the most speculative corners of the market.
Overall, the total value of the cryptocurrency market increased by 0.9% to roughly $2.30 trillion. Bitcoin’s share of that market remained elevated at 56.6%, with Ethereum accounting for 10.1%.
PCE data cools but inflation still above Fed target
Headline PCE inflation slipped 0.1% month-on-month in June and slowed to an annual rate of 3.7%, in line with market forecasts and down from 4.1% in May.
Core PCE – which strips out more volatile food and energy components and is closely watched by the Fed – rose 0.1% on the month, below expectations for a 0.2% increase. Its annual rate eased to 3.3% from 3.4%, the Bureau of Economic Analysis said.
The figures reduced some of the immediate pressure on the Fed to tighten policy again. Higher interest rates typically act as a headwind for Bitcoin and other risk assets by lifting borrowing costs and making interest-bearing instruments relatively more attractive.
However, inflation remained notably above the Fed’s 2% goal, and longer-term borrowing costs stayed high. The yield on 30-year US Treasuries moved above 5.2%, reaching its highest level since 2007.
That bond-market reaction capped the strength of Bitcoin’s advance. While the cryptocurrency briefly touched $65,000, it had not secured a decisive break above that widely watched psychological level.
Wall Street gains as tech stocks diverge
US equity markets also pushed higher after the PCE release. The S&P 500 index rose about 0.9% in early trading, while the Nasdaq Composite added 1.6%. The Dow Jones Industrial Average was up around 0.6%.
The move was not driven solely by the inflation data. Microsoft shares jumped roughly 9% after its latest earnings and guidance helped to calm concerns about the cost of investment in artificial intelligence infrastructure. In contrast, Meta shares fell more than 8% as higher spending weighed on sentiment.
Crypto-linked equities saw a mixed but mostly positive session. Strategy gained approximately 2.9%, while Coinbase traded close to unchanged. Robinhood shares slipped around 2%.
Bitcoin mining companies recorded much sharper moves than the underlying cryptocurrency. MARA rose nearly 16%, with Riot Platforms and CleanSpark each up around 19%. IREN surged close to 25%, although its growing involvement in AI infrastructure means that rally was not solely tied to Bitcoin’s price action.
The stronger showing among miners underlined their sensitivity to swings in Bitcoin, but their gains far outstripped the 1.2% rise in BTC itself, highlighting the possibility of a more pronounced reversal if Bitcoin were to fall back.
Safe havens rise amid US–Iran tensions
Despite the improvement in risk assets, traditional safe-haven instruments also advanced, indicating that broader market nerves had not fully subsided after the PCE release.
Spot gold rose about 0.3% to roughly $4,076 per ounce, while silver increased 0.6% to around $58. Gold futures were up about 1%, helped by a weaker dollar and renewed military tensions between the United States and Iran.
The parallel gains in precious metals and Bitcoin suggested investors were keeping defensive positions rather than making a wholesale move back into riskier trades.
The US military reported carrying out strikes on dozens of Iranian Revolutionary Guard targets after Tehran launched ballistic missiles at American forces in the Middle East. The confrontation has added to uncertainty about oil supply and shipping through the Strait of Hormuz.
Brent crude initially climbed to $93.31 before retreating below $90 as traders weighed diplomatic talks between Oman and Iran over the strait. West Texas Intermediate crude followed a similar pattern, reversing after nearing $86.
“Until safe passage through the Strait of Hormuz is no longer a gamble, the risk premium in oil is not going anywhere,” KCM Trade analyst Tim Waterer told Reuters.
Key levels and risks for Bitcoin
For Bitcoin, $65,000 remains the immediate resistance level. A clear and sustained move above that price could extend the rebound sparked by the PCE data, while failure to break higher would leave the session low around $63,250 as the first notable support area.
The main external threat to that outlook is any further escalation in the US–Iran conflict. A renewed spike in oil prices could revive inflation worries, bolster expectations of tighter Fed policy and, in turn, reduce demand for Bitcoin and other risk-sensitive assets.
