Bitcoin retained from falling below $ 30 thousand and technically began to look more convincing

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On Wednesday, the Bitcoin’s course won the intraday decline that reached 4%, and returned to $ 33,000. Although Optimists could have anxiety during the day, that with the release of another inflation report in the United States, the first cryptocurrency drops to $ 30,000 and then it will become really scary, but this did not happen.

Production inflation, as well as the day before the consumer, continued to strengthen and exceed the forecasts. Thus, to discharge the thesis about her temporary character, but in a happy (randomness?) In almost the same time, the financial world saw the transcript of the upcoming speech of the Fed Head in front of the Congress with a report on the state of the economy.

In it, the head of the country’s monetary policy did not scare change, although somewhat transformed their ideas about the trajectory of price dynamics. And by the way, they can become just that element that will allow Bitcoin to pull up to the upper border of an eight-week consolidation in the range of $ 30,000 — 40,000.

Jerome Powell continues to argue that inflation will return to its former values after the exhaustion of the effect from the opening of the economy. However, also acknowledged that in the next few months it will remain at an elevated level. Moreover, he even called a landmark in the number of jobs, which the economy should close so that in Fedrevier began to turn the quantitative softening program.

This event will be the moment of truth for all risky assets and Bitcoin, including (since April, he does not lead himself as a digital gold, but has a greater connection with the monetary background). After his words, this will obviously happen not earlier than September-October, and maybe at all will be postponed until December. With the further enhancement of inflation trends, such «promises» are able to lay a mine under the dollar and to force investors to seek salvation in cryptocurrency. As long as the Feds do not fall and do not begin to normalize monetary policies.

Bitcoin on Wednesday returned to $ 33,000 and technically began to look more convincing. News from China on the suspension of mining is still in three provinces, after 90% of the equipment in the country took place, are technical and no longer scare. In the same key, the opinions of individual prominent speakers and the transfer of the consideration of the SEC application for the launch of Bitcoin-ETF one of the applicants.

From the total background it is worth highlighting the approval of a similar stock fund, but on the basis of Etheric, in Brazil. The QR Asset Management management company is not so many funds under control — only $ 115 million, but you need to take into account the enormous potential of Latin America. On the dynamics of the second on capitalization of cryptocurrencies at the current stage, this could not have an influence, the restoration above $ 2000 by the end of the day was the result of «discharge» from Powell.

Currently reduced by 23% over the previous eight days ETH now looks preferable

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