Bitcoin rises to $207,000 as Fed Powell calls more rate hikes ‘appropriate’

Bitcoin (bitcoin) on June 22 when US stocks fell as the Fed remained silent on monetary policy.

BTC/USD 1 hour candle chart (Bitstamp). Source: TradingView

Powell keeps mum on Fed move

data from Cointelegraph Market Pro and Transaction view Shows BTC/USD hovering around $20,500 at Wall Street’s open on June 22.

This pair has Below the $20,000 mark It recovered overnight and remains below the previous day’s high of $21,700.

Markets braced for last-minute Federal Reserve Chairman Jerome Powell’s testimony to Congress that day, which ultimately offered no fresh insight into what the Fed would do. tame Inflation is rampant.

“We expect continued rate hikes to be appropriate; the pace of these changes will continue to depend on incoming data and the changing economic outlook,” a copy of Powell’s testimony release Read before his appearance.

“We will make decisions through meetings and we will continue to communicate our ideas as clearly as possible.”

The S&P 500 and Nasdaq Composite opened modestly lower after making strong progress the previous day, providing similar non-volatile conditions for the crypto market.

as Cointelegraph reportStill, the consensus among analysts points to further retests of lower levels, with $16,000 being particularly welcome in Bitcoin’s case.

“Reduce volume as the shock wave completes. Looking for an ABC pullback too long. I’ve been in for a long time, but closed due to the completion of the structure here,” popular Twitter account Crypto Tony explain About overnight market settings.

Trader and analyst Rekt Capital also shared his concerns about the upside impulse leading to low volumes, urging Twitter followers not to put too much faith in the strength of the rally.

“The volume of the recent BTC rally has been very low and dominated by sellers,” he said wrote.

“This is not the kind of BTC volume experience at the bottom of a bear market.”

Chart of the effective federal funds rate.Source: Federal Reserve

Report finds silver lining in encrypted cloud

Meanwhile, on the upside, trading firm QCP Capital revealed that it sees bearish conditions fading after Bitcoin reclaimed $20,000 over the weekend.

related: Bitcoin Miners Sold Their Entire May Harvest: Report

“Saturday, support was broken, BTC fell to 17,567, Ethereum to 879. For BTC, this is a 75% drop from all-time highs (82% for ETH). The crypto credit crisis is in full swing,” it wrote in its latest market announcement to Telegram channel subscribers.

“However, we were pleasantly surprised by the strong rebound from the lows on Sunday and this week, bringing BTC back above 20,000 and ETH back above 1,100.”

Continuing, it explained that funding rates in the derivatives market are now more stable and seller pressure into weekend lows is “more miners reducing inventories.”

On the macro front, the QCP highlighted lower oil prices as a positive measure against inflationary pressures.

“Having said that, we remain vigilant. Fund redemptions at the end of the quarter may put some pressure on prices, while more crypto bankruptcy may be found,” it added.

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