Bitcoin (BTC) retested the $30,000 support on June 28 as the Federal Reserve maintained a hawkish stance on inflation.
Powell on rate hikes: ‘More restrictions are coming’
Data from Cointelegraph Markets Pro and transaction view Showing that BTC price action remained within a tight range at the open on Wall Street.
Meanwhile, Federal Reserve Chairman Jerome Powell made fresh comments on economic policy.
Speaks at two-day discussion with other central bankers ECB Central Bank Forum 2023 In Sintra, Portugal, Powell reiterated the consensus for the Fed to raise interest rates further this year.
Powell this month paused a cycle of rate hikes that began in late 2021, but still stressed that policy still has room to tighten further.
“It’s true that the policy has not been constrained for very long,” he said.
“We started with negative real rates; since then we’ve gotten to the point where we’re effectively in restrictive territory, but we haven’t been in that for very long, so we believe there will be more restrictions.”
Powell said the majority supported at least two rate hikes ahead.
As a result, Bitcoin appeared indecisive, giving up the previous day’s gains and avoiding another attempt at yearly highs of $31,000.
Nevertheless, market participants still choose to wait and see.
Still… sip ☕️ and watch.#BTC #FireCharts pic.twitter.com/prTYNx3M6g
— Material Indicators (@MI_Algos) June 28, 2023
Popular trader CryptoCon said: “Prices started bullish from lows, paused at range highs, then continued to make new yearly highs.” wrote part of the tweet.
The accompanying chart shows that the price of Bitcoin is rising, in familiar territory.
MicroStrategy Bitcoin Dip Buying Returns
Meanwhile, news that MicroStrategy purchased more than 12,000 bitcoins for its corporate finances failed to materialize.
Related: BTC price indicator warns Bitcoin speculators could sell past $33,000
bitcoin dollar
lmao It seems that the market is not in favor of Saylor buying BTC pic.twitter.com/86iP6qg9Do— Skew Δ (@52kskew) June 28, 2023
comfirmed Led by CEO Michael Saylor, the company announced that its reserves had increased by 12,333 BTC (worth $347 million at the time), bringing its total cost base to $29,668 per BTC.
According to monitoring resources Bitcoin Treasury BondMicroStrategy currently owns nearly 0.7% of the entire potential BTC supply.
It also holds 10 times more funds than the second largest vault, Voyager Digital, which has 12,260 BTC.
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This article does not contain investment advice or recommendations. Every investment and transaction involves risk, and readers should do their own research when making a decision.
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