Bitcoin price holds $17K into Fed Powell speech as GBTC jumps to multi-month highs
Bitcoin (BTC) stayed above $17,000 on Jan. 10 as risk assets awaited fresh cues on policy from the United States Federal Reserve.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD consolidating after hitting $17,396 on Bitstamp the day prior — its highest since Dec. 16.
The pair gained in line with gold early in the week, seeing a slight cool-off as U.S. stocks also lay in wait for potential Fed catalysts.
Fed Chair Jerome Powell was due to speak at a central bank conference on the day, with bulls hoping for a more dovish tone in the wake of several months of declining inflation.
The latest Consumer Price Index (CPI) data covering December, 2022, was nonetheless not due until Jan. 12.
Commenting on short-term BTC price action, Michaël van de Poppe, founder and CEO of trading firm Eight, cautioned on becoming overly optimistic.
“Bitcoin rejecting at crucial area as Powell's speech is approaching yesterday + simply crucial resistance zone,” he summarized on Jan. 9.
Full-time Bitcoin trader George, a popular presence on social media, meanwhile eyed a potential intraday range with $17,000 as support.
“Think we could be establishing a new range between 17k and 17.6k for the next couple days,” part of an update confirmed.
Elsewhere, there was no sign of relief for the U.S. dollar, as strength continued to deteriorate in a potential boost for crypto. The U.S. dollar index (DXY) threatened to challenge 103 as support for a second day running.
More conspicuous than the modest uptick in BTC spot price was that of the largest Bitcoin institutional investment vehicle.
Related: Why is the crypto market up today?
Beginning Jan. 6, the Grayscale Bitcoin Trust (GBTC) began a marked recovery which saw its share price add 17% over
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