Bitcoin Fails To Break $70,000 Amid Falling Inflation, Dovish Fed

Bitcoin is back in red even after gains of June 12. Though inflation is falling and the Fed dovish, bulls need to break $72,000

Written by: Dalmas Ngetich • Thursday, June 13, 2024 • 1 min read

• Last updated: Thursday, June 13, 2024

Bitcoin impressively swung back to green on June 12, reversing losses of Tuesday. While price action remains choppy and buyers are strengthening, whether this will continue today remains to be seen. Since BTC is volatile and back into the upper limit of the range with caps at $70,000 and $72,000, conservative traders can adopt a wait-and-see approach until there is a trend definition. In any case, any dump below $66,000 invalidates the bullish preview.

At press time, Bitcoin is stable. The coin is now down just 3% week-to-date. Encouragingly, the recovery of June 12 was with rising volume, suggesting that buyers backed the leg up. In the past 24 hours, participation stood at over $36 billion but could rise today as sentiment improves.

Bitcoin daily chart for June 13

The following Bitcoin news events are worth monitoring:

In another endorsement of crypto, Donald Trump said all Bitcoin mining activities should be domiciled in the United States. Trump added that, if possible, all the remaining BTC should be mined by mining firms based in the country, saying the coin could be the last line of defense against CBDCs.
Falling inflation and the decision by the United States Federal Reserve to hold interest rates steady didn’t massively impact prices. However, if yesterday’s momentum continues, Bitcoin could break higher, even conquering $72,000, which would be a major relief for holders and traders.