Bitcoin price edges higher as Fed inflation meeting sends DXY to 2-month high
June 17, 2021. Summarized by summa-bot.
Compression ratio: 37.8%. 1 min read.
Bitcoin has not gained from Fed inflation comments as BTC price stays below $40,000.
Bitcoin (BTC) stayed below $40,000 on June 17 as a surging U. S. dollar added to downward BTC price pressure.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD trading at around $39,300 on Thursday.
The largest cryptocurrency fell during a meeting of the Federal Reserve the day before in which Chair Jerome Powell acknowledged inflation could run higher than planned in the short term.
As Cointelegraph reported, May's Consumer Price Index (CPI) report showed inflation hitting a 13-year high last month.
While traditionally a boon for Bitcoin, however, Powell's confidence in inflation returning to normal long term ultimately served to boost the dollar more than BTC.
"Let's not forget the possible extension to fill the CME gap," he added as part of comments on the low, with the futures gap — another favorite short-term price influencer — at $37,000.