Features Crypto News by Thebittimes.Com

Two key Bitcoin price metrics suggest that bulls will be able to hold the $30,000 level as support. Bitcoin (BTC) has been trading above $31,000 after its 24.3% rally between June 15 and June 23, which caught many off guard. For bears, that meant facing $165 million in short futures contract liquidations, but the unexpected rally also brought some degree of discomfort for investors using Bitcoin derivatives. Inflation remains the biggest question mark for traditional markets, a point highlighted by the recent 50-basis-point interest rate increase by the Bank of England, followed by similar moves in Norway and Switzerland, leading to the highest cost of capital in over a decade for the region. In response to questions from lawmakers on the United States House Financial Services Committee on June 21, Federal Reserve Chair Jerome Powell said that “the process of getting inflation back down to 2% has a long way to go” and reiterated that “nearly all FOMC participants expect that it will ...

Traders are still tiptoeing around markets as multiple risk events remain at the forefront, but BTC margin and futures markets are starting to favor a bullish breakout. Bitcoin (BTC) has been trying to break above the $27,500 resistance for the past week, but to no avail. One of the reasons limiting Bitcoin’s upside is the risk of an eventual U.S. default as the government struggles to get the debt limit increase approved in Congress.  Still, some analysts and investors argue that the U.S. debt ceiling standoff is merely a "show" because, ultimately, additional money will hit the markets. The US Debt Ceiling talks are all show. They're going to print the dollar into oblivion. You need to own hard assets to protect your wealth.#Bitcoin is the fastest horse in the race. — MacroJack (@macrojack21) May 17, 2023 Notice how MacroJack correlates Bitcoin’s digital scarcity to the next logical step: additional inflationary pressure. The stimulus measures, meaning, increasing ...