Bitcoin saw a reversal in its price trend on June 13 as investors awaited the release of the latest United States inflation data.
The BTC/USD 1-hour chart displayed a decline in Bitcoin’s value after briefly reaching $70,000, dropping to new lows of $66,983 on Bitstamp. The cryptocurrency was down approximately 1.3% at the time of writing.
Expectations were high following the lower-than-anticipated Consumer Price Index (CPI) readings, but Federal Reserve Chair Jerome Powell’s remarks during the interest rates meeting caused concern among market participants. Powell stated that there were no immediate plans for interest rate cuts, which led to a sell-off in risk assets.
The Fed’s decision resulted in a decrease in the probability of a rate cut at the September meeting by about 10%, according to data from CME Group’s FedWatch Tool. This unexpected turn of events prompted financial commentator Tedtalksmacro to describe the FOMC meeting as more hawkish than expected.
In analyzing Bitcoin’s price movements, Material Indicators highlighted the influence of large investors, known as Bitcoin whales, on the market. The post emphasized the importance of the $69,000 level as a key support level for Bitcoin’s price stability.
Despite the market fluctuations, Material Indicators suggested that monitoring order book liquidity and external factors such as U.S. macro data could provide valuable insights for investors. The post concluded by emphasizing the importance of conducting thorough research before making any investment decisions.