Bitcoin price clings to $30K as Fed’s Powell stresses more rate hikes

cointelegraph.com:

Bitcoin (BTC) staged another retest of $30,000 support on June 28 as the United States Federal Reserve stayed hawkish on inflation.

Data from Cointelegraph Markets Pro and TradingView showed BTC price action sticking to a narrow range at the Wall Street open.

This accompanied fresh comments on economic policy from Fed Chair Jerome Powell.

Speaking during a two-day discussion with other central bank heads at the European Central Bank Forum on Central Banking 2023 in Sintra, Portugal, Powell reiterated Fed consensus for further interest rate hikes this year.

Having paused the hiking cycle, which began in late 2021, this month, Powell nonetheless stressed that there was still room for further policy tightening.

“Really, policy hasn’t been restricted for very long,” he said.

Powell said that there was majority support for at least two further rate hikes going forward.

Bitcoin appeared hesitant as a result, retracing the prior day’s gains to shy away from a renewed attack on yearly highs at $31,000.

Reacting, market participants nonetheless chose to wait and see.

Still...sipping ☕️ and watching .#BTC #FireCharts pic.twitter.com/prTYNx3M6g

“Price bullishly explodes from the lows, takes a pause at the range high, and then continues to new yearly highs,” popular trader CryptoCon wrote in part of a tweet.

An accompanying chart demonstrated that BTC’s price was in familiar territory on its way up.

News that MicroStrategy had purchased more than 12,000 BTC for its corporate treasury, meanwhile, failed to have a tangible impact.

Related: BTC price metric warns that Bitcoin speculators may sell past $33K

$BTC lmao it appears the market doesn't approve of saylor's BTC purchase pic.twitter.com/86iP6qg9Do

Confirmed by CEO Michael Saylor, the