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 | 61.2% | 87 | $29 380.18 | -3.28% | -2.43% | $559 642 402 733 |  |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 59.2% | 88 | $1 959.56 | -5.15% | -4.83% | $236 921 809 457 |  |
|
| 3 |  USDT |
Tether predictions | 92.4% | 1 | $0.998958 | -0.01% | 0.02% | $73 198 714 964 |  |
|
| 4 |  USDC |
USD Coin predictions | 91.6% | 1 | $1.000329 | 0.03% | -0.01% | $53 273 212 846 |  |
|
| 5 |  BNB |
Binance Coin predictions | 61.2% | 88 | $321.57 | -3.53% | 6.21% | $52 504 644 349 |  |
|
| 6 |  XRP |
XRP predictions | 58% | 91 | $0.403749 | -5.20% | -5.34% | $19 518 470 146 |  |
|
| 7 |  BUSD |
Binance USD predictions | 92.8% | 1 | $0.999393 | -0.21% | -0.08% | $18 312 587 333 |  |
|
| 8 |  ADA |
Cardano predictions | 59.2% | 93 | $0.515615 | -6.46% | -10.22% | $17 403 339 497 |  |
|
| 9 |  SOL |
Solana predictions | 60% | 91 | $50.05 | -7.03% | -9.13% | $16 981 972 785 |  |
|
| 10 |  DOGE |
Dogecoin predictions | 58% | 90 | $0.082722 | -5.26% | -7.04% | $10 974 841 808 |  |
|
| 11 |  DOT |
Polkadot predictions | 60.4% | 90 | $9.97 | -5.87% | -7.56% | $9 850 001 505 |  |
|
| 12 |  WBTC |
Wrapped Bitcoin predictions | 57.2% | 87 | $29 401.79 | -3.22% | -2.31% | $8 132 620 498 |  |
|
| 13 |  TRX |
TRON predictions | 73.2% | 56 | $0.081939 | 7.58% | 16.52% | $7 754 289 182 |  |
|
| 14 |  AVAX |
Avalanche predictions | 58.4% | 93 | $28.73 | -10.25% | -14.09% | $7 737 939 953 |  |
|
| 15 |  DAI |
Dai predictions | 90.8% | 1 | $1.000302 | -0.03% | 0.01% | $6 573 514 573 |  |
