Bitcoin price holds $17K into Fed Powell speech as GBTC jumps to multi-month highs

1 year ago

Bitcoin (BTC) stayed supra $17,000 connected Jan. 10 arsenic hazard assets awaited caller cues connected argumentation from the United States Federal Reserve.

Powell to footwear disconnected week of U.S. macro triggers

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD consolidating aft hitting $17,396 connected Bitstamp the time anterior — its highest since Dec. 16.

The brace gained successful enactment with golden aboriginal successful the week, seeing a flimsy cool-off arsenic U.S. stocks besides laic successful hold for imaginable Fed catalysts.

Fed Chair Jerome Powell was owed to talk astatine a cardinal slope league connected the day, with bulls hoping for a much dovish code successful the aftermath of respective months of declining inflation.

The latest Consumer Price Index (CPI) information covering December, 2022, was nevertheless not owed until Jan. 12.

Commenting connected short-term BTC terms action, Michaël van de Poppe, laminitis and CEO of trading steadfast Eight, cautioned connected becoming overly optimistic.

“Bitcoin rejecting astatine important country arsenic Powell's code is approaching yesterday + simply important absorption zone,” helium summarized connected Jan. 9.

“Probably expanse towards $17.1K earlier different bounce towards $17.5K for bearish divergence oregon we agelong astatine $16.9K. Good volatility. Lots of dips connected altcoins too.”

Full-time Bitcoin trader George, a fashionable beingness connected societal media, meantime eyed a imaginable intraday scope with $17,000 arsenic support.

“Think we could beryllium establishing a caller scope betwixt 17k and 17.6k for the adjacent mates days,” portion of an update confirmed.

Elsewhere, determination was nary motion of alleviation for the U.S. dollar, arsenic spot continued to deteriorate successful a imaginable boost for crypto. The U.S. dollar scale (DXY) threatened to situation 103 arsenic enactment for a 2nd time running.

GBTC "discount" reverses contempt capitalist pressure

More conspicuous than the humble uptick successful BTC spot terms was that of the largest Bitcoin organization concern vehicle.

Beginning Jan. 6, the Grayscale Bitcoin Trust (GBTC) began a marked betterment which saw its stock terms adhd 17% implicit 3 days.

In truthful doing, the GBTC discount to nett plus worth — spot BTC — narrowed to its smallest successful respective months.

Formerly a premium, the antagonistic “premium” stood astatine 38.5% connected the day, up from grounds lows of 48.9% connected Dec. 13, according to information from Coinglass.

Grayscale genitor company, Digital Currency Group (DGC), continued to tract criticism amid a concerted effort from investors to regain entree to their cash.

The views, thoughts and opinions expressed present are the authors’ unsocial and bash not needfully bespeak oregon correspond the views and opinions of Cointelegraph.

View source