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BTC$29 815.26

1.01%

Ethereum
ETH$2 000.88

1.06%

Tether
USDT$0.998909

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BNB$316.28

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Bitcoin price edges higher as Fed inflation meeting sends DXY to 2-month high


18 Jun 2021

#Bitcoin

The U.S. dollar appeared to benefit from fresh comments by Jerome Powell, while Bitcoin remains frustrated. Bitcoin (BTC) stayed below $40,000 on June 17 as a surging U.S. dollar added to downward BTC price pressure.

BTC/USD bounces at $38,000

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD trading at around $39,300 on Thursday. The largest cryptocurrency fell during a meeting of the Federal Reserve the day before in which Chair Jerome Powell acknowledged inflation could run higher than planned in the short term. As Cointelegraph reported, May's Consumer Price Index (CPI) report showed inflation hitting a 13-year high last month.

While traditionally a boon for Bitcoin, however, Powell's confidence in inflation returning to normal long term ultimately  served to boost the dollar more than BTC.

"Yes, they are anchored and they're at a good place right now — it's gratifying to see them having moved off of their pandemic lows," Powell said in subsequent media comments about inflation indicators. "It's fundamental in our new framework to assure that longer-term inflation expectations are anchored at a place that is consistent with our goal."

That goal is currently around 2%, with the Fed acknowledging that there would be periods where rates overshoot that threshold. The dollar gained on the back of the meeting, with the U.S. dollar currency index (DXY) advancing to two-month highs. This is a classic provider of friction for Bitcoin, and already tepid sentiment over the outlook for the bull run of 2021 continuing saw a further test.

Small futures gap provides possible target

Popular trader Crypto Ed nonetheless noted the positive implications of BTC/USD bouncing off $38,000 support at its intraday lows. Related: Pantera CEO: Crypto market 'panic' is subsiding, now's the time to buy

"Let's not forget the possible extension to fill the CME gap," he added as part of comments on the low, with the futures gap — another favorite short-term price influencer — at $37,000.

At the same time, fellow trader Peter Brandt highlighted a number of gaps which remain unfilled on BTC/USD, while adding that he doesn’t believe all gaps must get filled. Previously, Cointelegraph reported on the changing face of Bitcoin investor habits during this prolonged period of lower prices. Hodlers are storing coins for longer, and even those who bought during the first months of the bull market remain committed to not selling, data shows.


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 57.6% 84 $29 815.26 1.01% -0.39% $567 877 135 044 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 56.8% 88 $2 000.88 1.06% -2.66% $241 865 980 181 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 91.2% 1 $0.998909 0.01% -0.01% $73 195 168 297 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 92.4% 1 $1.000209 -0.03% 0.01% $53 074 379 147 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 59.6% 88 $316.28 1.60% 6.46% $51 641 959 049 BNB 7 days price change
6 XRP (XRP) XRP XRP predictions 60.4% 89 $0.416706 0.37% -1.83% $20 144 872 785 XRP 7 days price change
7 Binance USD (BUSD) BUSD Binance USD predictions 96% 1 $1.000981 0.08% 0.01% $18 535 892 542 BUSD 7 days price change
8 Cardano (ADA) ADA Cardano predictions 59.2% 91 $0.534887 -0.11% -1.96% $18 046 551 403 ADA 7 days price change
9 Solana (SOL) SOL Solana predictions 58.8% 88 $51.78 2.12% -1.78% $17 567 814 140 SOL 7 days price change
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11 Polkadot (DOT) DOT Polkadot predictions 56.4% 87 $10.07 1.95% -6.03% $9 947 461 943 DOT 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 59.6% 90 $31.50 5.22% -8.25% $8 476 885 368 AVAX 7 days price change
13 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 57.6% 84 $29 803.20 1.19% -0.35% $8 243 652 197 WBTC 7 days price change
14 TRON (TRX) TRX TRON predictions 70.8% 53 $0.076135 1.95% 11.63% $7 366 247 062 TRX 7 days price change
15 Dai (DAI) DAI Dai predictions 94% 1 $0.999947 -0.11% -0.03% $6 528 397 233 DAI 7 days price change

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