Bitcoin reversed its gains from the previous day on June 13 as the market prepared for the upcoming release of United States inflation data.
The BTC/USD 1-hour chart from TradingView showed a shift in Bitcoin’s trajectory following a brief touch of $70,000, with the price dropping to new lows of $66,983 on Bitstamp. At the time of writing, Bitcoin was down around 1.3% for the day.
Expectations were high after lower-than-expected results from the Consumer Price Index (CPI), but the Federal Reserve’s stance on interest rates kept policy tight. Chairman Jerome Powell’s comments during a press conference following the event caused a stir among risk assets, as he emphasized that interest rate cuts were not currently on the table.
Market sentiment shifted as the likelihood of a rate cut at the Fed’s September meeting decreased by around 10%, according to data from CME Group’s FedWatch Tool. Financial analyst Tedtalksmacro noted that the FOMC meeting was more hawkish than anticipated.
Analysts pointed to the importance of the $69,000 level in determining Bitcoin’s price range. Material Indicators highlighted the influence of Bitcoin whales on price volatility and noted ongoing shifts in order book liquidity. The post emphasized the significance of $69,000 as a key support level for Bitcoin.
As the market continues to fluctuate, investors are advised to conduct their own research and exercise caution when making investment decisions.