Bitcoin price targets include new $14K dip as Fed's Powell avoids inflation
Bitcoin (BTC) traders faced disappointment at the Jan. 10 Wall Street open after the United States Federal Reserve declined to comment on future policy.
Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it stayed flat at around $17,250 on Bitstamp.
Hopes had focused on a fresh BTC price catalyst courtesy of the Fed in the form of a speech by Chair Jerome Powell.
Speaking at the International Symposium on Central Bank Independence at Sweden’s Central Bank headquarters in Stockholm, however, Powell avoided the topic of U.S. monetary policy altogether.
“I will address three main points. First, the Federal Reserve's monetary policy independence is an important and broadly supported institutional arrangement that has served the American public well,” he began.
The latter point referred to the Fed implicating itself in the climate change debate.
In the absence of market triggers, neither crypto nor U.S. stocks were especially promising in the first hour’s trading on Wall Street.
In fresh analysis on the day, Filbfilb, co-founder of trading suite Decentrader, outlined potential upside and downside targets for BTC price action in the short term.
Volatility, as Cointelegraph reported, was still expected on Jan. 12 with the release of Consumer Price Index (CPI) data for December.
“Buyers have been found for 2 months below 16.5k,” he told Telegram channel subscribers, highlighting several weekly moving averages (WMAs) to bear in mind.
Should bearish tendencies return, meanwhile, a trip to as low as $14,000 remained possible.
“Liquidity shows that it might be a bit of a battle to make it up to 24k,” Filbfilb continued.
Elsewhere, tensions involving crypto conglomerate Digital Currency Group (DCG) continued to fester on the
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