Bitcoin faced selling pressure after US PPI data came in higher than expected, falling to the $76,000 level. Today, the eagerly awaited Producer Price Index (PPI) data was released in the US ahead of tomorrow’s Consumer Price Index (CPI) data. The PPI accelerated on an annual basis, further increasing the likelihood of a Fed interest rate hike in September. Prior to the data release, the Fed WatchTool data indicated a 62.2% probability of a September rate hike, which rose to 70% after the release.