Bitcoin
BTC$37 974.79

2.65%

Ethereum
ETH$2 055.28

2.12%

Tether
USDT$1.000205

0.02%

Binance Coin
BNB$230.20

1.89%

XRP
XRP$0.611671

2.00%

Solana
SOL$58.20

6.66%

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.


Related

NordFX Copy Trading: A Comprehensive Guide to Maximizing Profits
NordFX Copy Trading: A Comprehensive Guide to Maximizing Profits
Tips to Choose the Right Second Citizenship Program
Tips to Choose the Right Second Citizenship Program
Bitcoin’s continued slide down
Bitcoin’s continued slide down
A new round of crypto market mistrust
A new round of crypto market mistrust
Bitcoin holds its range, but pressure mounts
Bitcoin holds its range, but pressure mounts
Bitcoin unlikely to end correction
Bitcoin unlikely to end correction
Bitcoin looks set to take a severe dive
Bitcoin looks set to take a severe dive
Bitcoin set for a deeper correction
Bitcoin set for a deeper correction
Bitcoin falls under pressure
Bitcoin falls under pressure

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 94% 7 $37 974.79 2.65% 3.21% $742 620 081 767 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 76% 50 $2 055.28 2.12% 3.49% $247 134 847 899 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 91.2% 1 $1.000205 0.02% -0.01% $88 917 133 121 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 83.2% 25 $230.20 1.89% -4.06% $34 920 472 818 BNB 7 days price change
5 XRP (XRP) XRP XRP predictions 74.4% 42 $0.611671 2.00% 2.53% $32 918 272 630 XRP 7 days price change
6 Solana (SOL) SOL Solana predictions 59.2% 87 $58.20 6.66% 8.25% $24 645 476 442 SOL 7 days price change
7 USD Coin (USDC) USDC USD Coin predictions 96% 1 $0.999716 -0.02% -0.02% $24 482 991 365 USDC 7 days price change
8 Cardano (ADA) ADA Cardano predictions 71.6% 62 $0.385539 3.00% 4.21% $13 608 842 925 ADA 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 74.8% 48 $0.080387 3.60% 7.77% $11 416 474 493 DOGE 7 days price change
10 Lido stETH (STETH) STETH Lido stETH predictions 94.8% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
11 TRON (TRX) TRX TRON predictions 82.8% 27 $0.103195 0.78% 6.00% $9 138 361 208 TRX 7 days price change
12 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 84.4% 30 $0.103028 0.42% 5.47% $9 123 536 549 WTRX 7 days price change
13 Toncoin (TON) TON Toncoin predictions 81.6% 31 $2.42 -0.45% 3.16% $8 314 438 840 TON 7 days price change
14 Chainlink (LINK) LINK Chainlink predictions 63.6% 69 $14.57 3.63% 4.11% $8 113 407 755 LINK 7 days price change
15 Avalanche (AVAX) AVAX Avalanche predictions 58.8% 86 $20.64 2.41% 0.41% $7 534 681 892 AVAX 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2023 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.