Bitcoin (BTC) circled $30,000 on May 18 after fresh comments from the United States Federal Reserve sparked volatility.
Data from Cointelegraph Markets Pro and TradingViewshowed BTC/USD consolidating within a range in place since May 12.
The pair had come unstuck as Fed Chair Jerome Powell delivered economic policy insights during the Wall Street Journals Future of Everything Festival.
I dont know if financial conditions have tightened more than this in a very long time, he told the papers chief economics correspondent, Nick Timiraos, in an interview.
Powell appeared to confirm that 50-basis-point key interest rate hikes would continue in subsequent meetings of the Feds Federal Open Markets Committee (FOMC) and could reach neutral levels in Q4. Hikes afterward, however, could nonetheless continue if necessary to tame inflation further.
With traditional markets already pricing in such a scenario, volatility overall was limited as Powell avoided surprises.
BTC/USD saw a brief drop to $29,500 before recovering during Powells words.
With risk assets set for difficult times as financial tightening continues, however, crypto market commentators had little by way of highly bullish news.
Hawkish reminder. This is the biggest risk for markets, macro analyst Alex Krueger responded in a series of Twitter posts on the potential for ongoing rate hikes into next year:
According to CME Groups FedWatch Tool, markets expect the target rate to be between 275 and 300 basis points at the FOMCs December meeting.
Short term, some saw continued relief for BTC.
Related:Fear & Greed Index hits lowest since March 2020 even as Bitcoin price hits $30.5K
Did manage a nice close above the $28.8K range low as well as the $30K low which marked the initial wick down in May 2021. The next HTF resistance is the $33K area. A test of that area makes sense imo, popular trading account Daan Crypto Trades summarized in his latest Bitcoin-focused update.
Fellow account DonAlt meanwhile highlighted $34,500 as a crucial breaker for a more bullish perspective on BTC to enter.
An increasing number of players, as Cointelegraph recentlyreported, still favor a return below the $23,800 lows seen last week at the height of the Terra (LUNA) and TerraUSD (UST) implosions.
Bottoms take time to form, so do not expect it within the next day or two, trader Crypto Tony told Twitter followers on the day:
Others, meanwhile, feel that a $20,000 retreat is unlikely.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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