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Bitcoin prices rebounded again toward the $65,000 level after U.S. inflation data came in below expectations, triggering a sharp drop in market expectations for the Federal Reserve to raise interest rates at its policy meeting scheduled for July.

According to the U.S. Bureau of Labor Statistics, the headline Consumer Price Index (CPI) slowed in June to 3.5% year over year, which is below economists’ expectations of 3.8%. The monthly index also fell by 0.4%, compared with forecasts pointing to a decline of just 0.1%. Meanwhile, core inflation data—which excludes volatile food and energy prices—came in lower than estimates as well, recording 2.6% year over year and remaining unchanged month over month, versus expectations of 2.8% and 0.2%, respectively. These figures show a clear improvement compared with May, when the headline CPI was 4.2% annually and core inflation was 2.9%, reinforcing the outlook for easing inflationary pressures despite ongoing conflicts in the Middle East.