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.
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.
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.
|#||Crypto||Prediction||Accuracy||CVIX||Price||24h||7d||Market Cap||7d price change|
|1||BTC||Bitcoin predictions||63.6%||76||$61 099.21||-0.30%||0.74%||$1 151 847 643 802|
|2||ETH||Ethereum predictions||73.6%||57||$4 083.71||2.56%||4.82%||$482 065 073 371|
|3||BNB||Binance Coin predictions||70%||60||$480.67||-0.49%||2.62%||$80 176 884 535|
|4||ADA||Cardano predictions||87.6%||12||$2.15||0.02%||-2.34%||$70 880 156 335|
|5||USDT||Tether predictions||90.8%||1||$1.000558||0.07%||0.05%||$69 612 945 849|
|6||SOL||Solana predictions||69.2%||55||$198.35||-4.94%||24.11%||$59 667 119 730|
|7||XRP||XRP predictions||71.6%||52||$1.088126||-1.24%||-5.66%||$51 083 527 283|
|8||DOT||Polkadot predictions||60.4%||79||$43.69||-1.31%||2.76%||$43 145 201 356|
|9||USDC||USD Coin predictions||95.2%||1||$1.000801||0.06%||0.09%||$32 549 535 289|
|10||DOGE||Dogecoin predictions||72.8%||56||$0.246378||2.64%||3.03%||$32 476 171 822|
|11||LUNA||Terra predictions||69.2%||65||$42.80||-0.97%||15.22%||$17 186 220 177|
|12||UNI||UniSwap predictions||74.8%||49||$26.39||2.35%||-4.01%||$16 144 167 003|
|13||AVAX||Avalanche predictions||67.6%||65||$65.39||-2.19%||9.22%||$14 404 285 656|
|14||LINK||Chainlink predictions||74%||49||$30.80||7.06%||9.07%||$14 200 072 797|
|15||WBTC||Wrapped Bitcoin predictions||66.8%||75||$61 145.48||-0.24%||0.77%||$13 561 619 013|
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