Bitcoin (BTC) looked set to challenge range highs on July 13 as fresh macroeconomic data boosted risk asset bulls.

BTC/USD 1-hour chart. Source: TradingView

PPI shows U.S. inflation retreating beyond expectations

Data from Cointelegraph Markets Pro and TradingView followed the market as the BTC price focus shifted above $30,500.

United States Producer Price Index (PPI) numbers released on the day again came in below expectations, aiding rapidly abating inflation forecasts.

With two weeks to go until the Federal Reserve decided on interest rate policy, however, markets themselves remained convinced that another hike would come next — despite the PPI and Consumer Price Index (CPI) data from the day prior.

According to CME Group’s FedWatch Tool, bets on a 0.25% hike stood at almost 95% at the time of writing.