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 | 83.6% | 20 | $101 701.81 | 1.69% | 2.07% | $2 013 246 996 833 |  |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 69.2% | 63 | $3 915.40 | -0.05% | -2.15% | $471 597 924 366 |  |
|
| 3 |  XRP |
XRP predictions | 60.4% | 90 | $2.47 | 5.89% | 1.39% | $141 142 112 565 |  |
|
| 4 |  USDT |
Tether predictions | 91.2% | 1 | $1.000042 | -0.01% | -0.14% | $140 139 591 223 |  |
|
| 5 |  SOL |
Solana predictions | 77.6% | 34 | $225.66 | -0.24% | -4.29% | $108 098 878 749 |  |
|
| 6 |  BNB |
Binance Coin predictions | 72.4% | 60 | $728.99 | 2.96% | -1.69% | $104 980 392 576 |  |
|
| 7 |  DOGE |
Dogecoin predictions | 77.6% | 45 | $0.410083 | 0.70% | -5.78% | $60 360 933 009 |  |
|
| 8 |  USDC |
USD Coin predictions | 94% | 1 | $0.999956 | 0% | 0% | $41 989 588 944 |  |
|
| 9 |  ADA |
Cardano predictions | 62.8% | 74 | $1.11 | 0.75% | -8.74% | $38 938 221 420 |  |
|
| 10 |  TRX |
TRON predictions | 57.6% | 93 | $0.294798 | 1.75% | -10.07% | $25 424 946 533 |  |
|
| 11 |  AVAX |
Avalanche predictions | 68.8% | 65 | $52.49 | -1.10% | 0.78% | $21 502 759 836 |  |
|
| 12 |  LINK |
Chainlink predictions | 59.6% | 87 | $29.57 | 0.59% | 14.33% | $18 538 470 003 |  |
|
| 13 |  SHIB |
SHIBA INU predictions | 69.6% | 68 | $0.000029 | 2.81% | -6.07% | $16 940 665 280 |  |
|
| 14 |  TON |
Toncoin predictions | 69.2% | 69 | $6.31 | -0.68% | -7.62% | $16 085 252 236 |  |
|
| 15 |  DOT |
Polkadot predictions | 60.4% | 78 | $9.01 | -0.51% | -15.10% | $13 775 503 688 |  |
