Bitcoin rises above $72,000 ahead of U.S. inflation data

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Bitcoin rises above $72,000

Highlights

Bitcoin climbed above $72,000 ahead of key U.S. inflation data.
Regulatory signals and short liquidations helped fuel the rally.
Analysts say BTC could reach $75,000 if bullish momentum continues.

The rise of the largest cryptocurrency comes amid relative stability in global financial markets, Cointelegraph reports. Even ongoing geopolitical tensions in the Middle East have not yet triggered a large-scale exit from risk assets.

Bitcoin climbs ahead of PCE data release

The BTC/USD pair surpassed the $72,000 level for the first time since early March. The move came shortly after the opening of trading on Wall Street as market participants prepared for the release of the Personal Consumption Expenditures (PCE) index.

This indicator is used by the Federal Reserve as its primary benchmark for assessing inflation. The previous PCE reading exceeded forecasts and reached its highest level since late 2023.

Despite investor concerns, cryptocurrencies avoided a noticeable correction. Earlier this week, oil briefly surged to nearly $100 per barrel, fueling discussions about a potential new wave of inflation.

Market participants also paid close attention to statements from U.S. President Donald Trump. He once again urged Federal Reserve Chair Jerome Powell to consider easing monetary policy.

Regulatory signals and liquidations supported the rally

Positive sentiment was also supported by signals from Washington. The U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission said they plan to coordinate their approach to regulating cryptocurrencies.

The agencies intend to jointly develop clearer rules for the digital asset industry and align oversight of emerging financial technologies.

Developments in energy markets also supported risk assets. U.S. Treasury Secretary Scott Bessent said Washington would temporarily allow countries to purchase Russian oil cargoes currently at sea. The move aims to increase supply and stabilize prices.

The rally was further accelerated by the liquidation of short positions. According to CoinGlass, more than 74,000 traders saw their positions liquidated over the past 24 hours, totaling about $252 million. The largest single liquidation occurred on the Hyperliquid platform, where a BTC-USD position worth $4.24 million was closed.

What the rally means for the digital asset industry

Bitcoin’s latest price action once again highlights how closely the crypto sector is tied to macroeconomic factors. Investors are watching U.S. inflation indicators, Federal Reserve policy decisions, and movements in commodity markets.

Over the past week, Bitcoin has gained about 2.8%, outperforming several traditional risk assets. The total cryptocurrency market capitalization has increased by roughly 2.5% to around $2.53 trillion. At the time of publication, BTC was trading near $72,462, up 2.78% over the past 24 hours.

BTC price performance. Source: TradingView

Clearer regulation in the United States could also become an additional driver for the industry. If the SEC and CFTC manage to establish a coordinated oversight framework, it could reduce uncertainty for institutional investors.

Amid the current momentum, traders are discussing new price targets. According to the prediction platform Polymarket, the probability that Bitcoin will surpass $75,000 before the end of the month is currently estimated at about 62.5% if the bullish trend continues.

Some industry participants are looking much further ahead. Bitwise Chief Investment Officer Matt Hougan previously said that BTC could reach $1 million per coin if the cryptocurrency captures even a small share of the global market for store-of-value assets.

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