Bitcoin price clings to $30K as Fed’s Powell stresses more rate hikes

On June 28, Bitcoin (BTC) once again tested the $30,000 support level, despite the U.S. Federal Reserve’s continued vigilance on inflation.

Powell on rate hikes: “More restriction coming”

Data from Cointelegraph Markets Pro and TradingView indicated that the price of Bitcoin remained within a limited range when Wall Street opened.

Accompanying this were fresh comments on economic policy from Fed Chair Jerome Powell.

At the European Central Bank Forum on Central Banking 2023 in Sintra, Portugal, Powell expressed the Federal Reserve’s agreement to continue raising interest rates this year while conversing with other central bank leaders over the course of two days.

Despite having paused the hiking cycle that started in late 2021 this month, Powell emphasized that there was still potential for further policy tightening.

“He stated that policy hadn’t been limited for a long time.”

Powell stated that the majority of people were in favor of two or more additional rate increases in the future.

Bitcoin showed signs of hesitation, reversing its gains from the day before and avoiding an attempt to reach the yearly high of $31,000.

Market participants decided to wait and observe the reaction.

“CryptoCon, a popular trader, noted in a tweet that the price had ‘bullishly exploded’ from its lows, taken a respite at the range high, and then proceeded to new yearly highs.”

The accompanying chart showed that the price of BTC was on its usual trajectory of increase.

MicroStrategy Bitcoin dip-buying returns

News of MicroStrategy’s purchase of more than 12,000 BTC for its corporate treasury, however, did not have a visible effect.

A BTC price metric is warning that Bitcoin speculators could drive the price beyond $33K if they decide to sell.

CEO Michael Saylor confirmed that the firm declared an addition of 12,333 BTC, valued at $347 million, to its reserves, resulting in an aggregate cost basis of $29,668 per BTC.

According to Bitcoin Treasuries, a monitoring resource, MicroStrategy has acquired nearly 0.7% of the total potential Bitcoin supply.

Voyager Digital, the second-largest holder of Bitcoin, owns 12,260 BTC, while the largest holder owns ten times more than that.

Magazine: A Three-Step Plan for Smart People to Invest in Inane Memecoins

Categorized in:

Tagged in: