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 | 63.6% | 74 | $60 032.76 | -2.11% | -1.50% | $1 131 802 049 382 |  |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 68.4% | 59 | $3 989.05 | -3.01% | 4.71% | $470 948 938 919 |  |
|
| 3 |  BNB |
Binance Coin predictions | 71.6% | 62 | $469.93 | -2.46% | 0.52% | $78 385 216 501 |  |
|
| 4 |  USDT |
Tether predictions | 93.2% | 1 | $1.000447 | 0.02% | 0.09% | $69 605 178 895 |  |
|
| 5 |  ADA |
Cardano predictions | 86.8% | 13 | $2.10 | -2.38% | -2.74% | $69 174 273 027 |  |
|
| 6 |  SOL |
Solana predictions | 70.4% | 56 | $187.59 | -3.86% | 17.09% | $56 455 905 240 |  |
|
| 7 |  XRP |
XRP predictions | 75.2% | 49 | $1.063738 | -2.10% | -5.03% | $49 938 635 685 |  |
|
| 8 |  DOT |
Polkadot predictions | 61.6% | 82 | $41.55 | -4.26% | -0.40% | $41 029 792 344 |  |
|
| 9 |  DOGE |
Dogecoin predictions | 72% | 60 | $0.261327 | 4.69% | 10.43% | $34 450 251 548 |  |
|
| 10 |  USDC |
USD Coin predictions | 94.8% | 1 | $1.000452 | 0.01% | 0.09% | $32 589 972 835 |  |
|
| 11 |  LUNA |
Terra predictions | 70% | 61 | $40.06 | -6.21% | 7.93% | $16 078 547 993 |  |
|
| 12 |  UNI |
UniSwap predictions | 78.4% | 43 | $25.49 | -4.26% | -3.47% | $15 592 349 712 |  |
|
| 13 |  SHIB |
SHIBA INU predictions | 54.8% | 92 | $0.000038 | 12.93% | 47.19% | $14 846 178 540 |  |
|
| 14 |  AVAX |
Avalanche predictions | 71.2% | 61 | $62.43 | -4.16% | 10.20% | $13 751 801 922 |  |
|
| 15 |  LINK |
Chainlink predictions | 74.8% | 50 | $29.06 | -5.36% | 8.54% | $13 396 474 820 |  |
