Bitcoin price rises to $20.7K as Fed's Powell says more rate hikes 'appropriate'

cointelegraph.com:

Bitcoin (BTC) checked losses while United States equities drifted down on June 22 as the Federal Reserve kept quiet on monetary policy.

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hovering near $20,500 at the June 22 Wall Street open.

The pair had wicked below the $20,000 mark overnight before recovering, still down from the previous day's $21,700 highs.

Markets braced for last-minute surprises from testimony to Congress by Fed Chair Jerome Powell on the day, this ultimately providing no fresh insight into the central bank's approach to taming rampant inflation.

"We anticipate that ongoing rate increases will be appropriate; the pace of those changes will continue to depend on the incoming data and the evolving outlook for the economy," a copy of Powell's testimony released before his appearance read.

Both the S&P 500 and Nasdaq Composite Index opened slightly down after brisk progress on the day prior, providing similarly non-volatile conditions for crypto markets.

As Cointelegraph reported, the consensus among analysts nonetheless continues to point to further retests of lower levels, with $16,000 particularly popular in the case of Bitcoin.

"Declining volume with a completed impulse wave. Looking for an ABC pullback too long. I had put in a long, but closed due to the structure completion here," popular Twitter account Crypto Tony explained about the overnight market setup.

His concerns about low volume on an upward impulse move were shared by fellow trader and analyst Rekt Capital, who urged Twitter followers not to place too much faith in the strength of the rally.

"The volume on this recent BTC rebound is very low and seller-dominated," he wrote.

Looking on the bright side, meanwhile, trading firm