Bitcoin (BTC) has reached $58,000 as markets respond to the latest US inflation data. The Producer Price Index (PPI) for June increased more than expected, with BTC price strength improving in response. The PPI came in at 2.6% year-on-year, slightly higher than the 2.3% forecasted, and 0.1% higher than the previous month. Despite this, BTC/USD avoided a downturn on the PPI release, modestly gaining in line with US stocks while the dollar's strength tumbled. The US dollar index (DXY) was down 0.35% on the day at the time of writing, headed toward its lowest levels in over a month.