Bitcoin saw modest gains on Wednesday as it absorbed "taker selling" over Binance, with spot buying on Coinbase and Bitfinex helping to support the market. The dollar index fell ahead of the release of US inflation data, which could potentially push BTC above $65,000 if the CPI comes in softer than expected. Federal Reserve Chairman Jerome Powell downplayed the recent producer price index figure, stating that the current monetary policy is restrictive and the next move is unlikely to be a rate hike. Traders continue to sell the US dollar against major fiat currencies, supporting gains in risk assets including cryptocurrencies.

#zachxbt