Bitcoin price targets include new $14K dip as Fed's Powell avoids inflation

Bitcoin (BTC) traders faced disappointment astatine the Jan. 10 Wall Street unfastened aft the United States Federal Reserve declined to remark connected aboriginal policy.

BTC/USD 1-hour candle illustration (Bitstamp). Source: TradingView

Powell keeps quiescent connected Fed policy

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD arsenic it stayed level astatine astir $17,250 connected Bitstamp.

Hopes had focused connected a caller BTC terms catalyst courtesy of the Fed successful the signifier of a speech by Chair Jerome Powell.

Speaking astatine the International Symposium connected Central Bank Independence astatine Sweden’s Central Bank office successful Stockholm, however, Powell avoided the taxable of U.S. monetary argumentation altogether.

“I volition code 3 main points. First, the Federal Reserve's monetary argumentation independency is an important and broadly supported organization statement that has served the American nationalist well,” helium began.

“Second, the Fed indispensable continuously gain that independency by utilizing our tools to execute our assigned goals of maximum employment and terms stability, and by providing transparency to facilitate knowing and effectual oversight by the nationalist and their elected representatives successful Congress. Third, we should ‘stick to our knitting’ and not rotation disconnected to prosecute perceived societal benefits that are not tightly linked to our statutory goals and authorities.”

The second constituent referred to the Fed implicating itself successful the clime alteration debate.

In the lack of marketplace triggers, neither crypto nor U.S. stocks were particularly promising successful the archetypal hour’s trading connected Wall Street.

In caller investigation connected the day, Filbfilb, co-founder of trading suite Decentrader, outlined imaginable upside and downside targets for BTC terms enactment successful the abbreviated term.

Volatility, arsenic Cointelegraph reported, was inactive expected connected Jan. 12 with the merchandise of Consumer Price Index (CPI) information for December.

“Buyers person been recovered for 2 months beneath 16.5k,” helium told Telegram transmission subscribers, highlighting respective play moving averages (WMAs) to carnivore successful mind.

“20 WMA sits astir 18.3k which is besides the existent scope high, erstwhile support, and diag resistance. If it breaks that cardinal level, the apical of the wedge would beryllium the target, besides the 200 WMA c.$24k.”

Should bearish tendencies return, meanwhile, a travel to arsenic debased arsenic $14,000 remained possible.

“Liquidity shows that it mightiness beryllium a spot of a conflict to marque it up to 24k,” Filbfilb continued.

“If determination is simply a curveball thrown into the mix, determination is substance successful the vessel to instrumentality america to 14-14.5k.”

BTC/USDT annotated chart. Source: Filbfilb/ TradingView

Winklevoss accuses GBTC CEO Silbert of fraud

Elsewhere, tensions involving crypto conglomerate Digital Currency Group (DCG) continued to fester connected the day.

Related: BTC terms 3-week highs greet US CPI — 5 things to cognize successful Bitcoin this week

Cameron Winklevoss, co-founder of speech Gemini, followed up connected an open letter to DCG CEO, Barry Silbert, accusing him of fraud and calling connected the firm’s committee to disregard him.

The debacle, portion of the planetary fallout from the illness of FTX, focuses connected locked lawsuit funds and SIlbert’s alleged unwillingness to cooperate with creditors’ demands.

A abstracted effort, “Redeem GBTC,” seeks to summation entree to funds connected behalf of investors successful the Grayscale Bitcoin Trust (GBTC), the largest Bitcoin organization concern vehicle, with implicit $10 cardinal successful assets nether management.

Its creator, crypto entrepreneur David Bailey, has informally pledged to grow the grassroots campaign’s scope to see different crypto funds operated by Grayscale, which successful crook is simply a subsidiary of GBTC.

The event, arsenic before, nevertheless failed to nutrient noticeable terms unit connected Bitcoin itself.

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