Bitcoin rebounds from $33K support
Bitcoin (BTC) prices steadied on Tuesday after closing the previous session at a 3.41% loss, supported by a weakening United States dollar sentiment ahead of a key U.S. inflation report due later on Tuesday. The spot BTC/USD exchange rate rose by a modest 1.31% to $33,096 after bottoming out on Monday at $32,996 on Coinbase. The CME Bitcoin Futures was up 1.64% from its previous session’s low of $32,600. Meanwhile, the USD index was down about 0.03% ahead of the London opening bell. The index represents the greenback’s strength against a basket of top foreign currencies. Bitcoin and the USD moved inversely during a week of key inflation reports and a crucial congressional testimony from Federal Reserve Chairman Jerome Powell.
On Tuesday, the U.S. Consumer Price Index (CPI) expects to post another significant spike in June, highlighting a run-up in inflation as the economy attempts to recover from the coronavirus pandemic slowdown. A Reuters poll of economists noted that the CPI might have increased by 0.5% since May and 4.9% from a year earlier. Many traders bet on Bitcoin against the prospects of higher inflation, partly due to popular narratives that project the flagship cryptocurrency as a hedge against central bank inflationary policies that hurt fiat currencies’ purchasing power.
In detail, the Federal Reserve has been running a $120-billion monthly asset purchase program since March 2020 while keeping its benchmark lending rate near zero. As a result, the U.S. central bank’s policies have doubled the size of its balance sheet to more than $8 trillion. Meanwhile, the same period has witnessed Bitcoin spiking by up to 1,528% — from $3,858 to almost $65,000. The cryptocurrency had declined by more than half by the said mid-April peak but sustained its overall bullish bias by relentlessly holding $30,000 as its psychological price floor. The support came extremely handy following the previous two CPI reports showing that inflation jumped to 4.2% in April and 4.9% in May.
Top Cryptocurrencies with Price Predictions
| # | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
| 1 |  BTC |
Bitcoin predictions | 62.8% | 76 | $23 396.59 | -0.27% | 1.23% | $451 107 099 851 |  |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 68.4% | 64 | $1 657.83 | 1.20% | 3.76% | $202 875 422 612 |  |
|
| 3 |  USDT |
Tether predictions | 92% | 1 | $1.000118 | 0% | -0.01% | $68 036 636 818 |  |
|
| 4 |  BNB |
Binance Coin predictions | 76.8% | 39 | $330.60 | 3.36% | 7.50% | $52 201 447 647 |  |
|
| 5 |  USDC |
USD Coin predictions | 96% | 1 | $1.000017 | 0% | 0.01% | $41 963 522 546 |  |
|
| 6 |  XRP |
XRP predictions | 75.6% | 51 | $0.409253 | 0.39% | -0.52% | $20 789 661 448 |  |
|
| 7 |  BUSD |
Binance USD predictions | 94.8% | 1 | $1.000189 | 0.04% | 0.02% | $16 275 345 911 |  |
|
| 8 |  ADA |
Cardano predictions | 66.8% | 69 | $0.401320 | 0.57% | 2.97% | $13 885 724 489 |  |
|
| 9 |  DOGE |
Dogecoin predictions | 73.2% | 48 | $0.093563 | 3.08% | 6.89% | $12 413 030 793 |  |
|
| 10 |  MATIC |
Polygon predictions | 66.8% | 64 | $1.23 | 4.16% | 7.23% | $10 735 757 319 |  |
|
| 11 |  STETH |
Lido stETH predictions | 93.2% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 |  |
|
| 12 |  SOL |
Solana predictions | 59.2% | 88 | $24.53 | 1.61% | 0.31% | $9 140 950 218 |  |
|
| 13 |  DOT |
Polkadot predictions | 65.2% | 74 | $6.90 | 5.36% | 4.77% | $7 960 238 223 |  |
|
| 14 |  SHIB |
SHIBA INU predictions | 63.2% | 79 | $0.000014 | 17.92% | 21.32% | $7 857 412 436 |  |
|
| 15 |  LTC |
Litecoin predictions | 76.8% | 38 | $99.43 | 0.66% | 12.27% | $7 179 111 477 |  |
