Bitcoin price targets include another $14,000 drop as Fed’s Powell avoids inflation

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Bitcoin (BTC) traders were left disappointed at Wall Street’s January 10 open after the US Federal Reserve declined to comment on future policy.

BTC/USD 1 hour candle chart (Bitstamp). Source: TradingViewPowell keeps quiet on Fed policy

Data from Cointelegraph Markets Pro and TradingView tracked BTC/USD as it held steady at around $17,250 on Bitstamp.

Hopes had been pinned on a new BTC price catalyst courtesy of the Fed in the form of a speech by Chairman Jerome Powell.

Speaking at the International Symposium on Central Bank Independence at the headquarters of Sweden’s central bank in Stockholm, however, Powell avoided the subject of US monetary policy altogether.

I will address three main points. First, the independence of monetary policy from the Federal Reserve is an important and widely supported institutional arrangement that has served the American public well, he began.

Second, the Fed must continually earn this independence by using our tools to achieve our assigned goals of maximum employment and price stability, and by providing transparency to facilitate understanding and effective oversight by the public and its elected representatives in Congress. . Third, we must stick to our knitting and not stray to seek perceived social benefits that are not closely tied to our statutory purposes and powers.

This last point referred to the Fed’s involvement in the climate change debate.

With no market triggers, neither crypto nor US stocks were particularly promising in the early hours of trading on Wall Street.

In a new analysis of the day, Filbfilb, co-founder of the Decentrader trading suite, outlined potential upside and downside targets for BTC price action in the near term.

Volatility, as Cointelegraph reported, was still expected on January 12 with the release of Consumer Price Index (CPI) data for December.

Buyers were found for 2 months below 16.5k, he told Telegram channel subscribers, pointing out several weekly moving averages (WMAs) to keep in mind.

20 WMA is around 18.3k which is also the current high range, previous support and diag resistance. If it breaks this key level, the top of the wedge would be the target, along with the 200 WMA c.$24k.

If the downtrends return, in the meantime, a trip as low as $14,000 remains possible.

Liquidity shows that it might be a bit tricky to hit 24,000, Filbfilb continued.

If there is a curveball thrown into the mix, there is fuel in the tank to take us to 14-14.5k.BTC/USDT annotated chart. Source: Filbfilb/ TradingView Winklevoss accuses GBTC CEO Silbert of fraud

Elsewhere, tensions involving crypto conglomerate Digital Currency Group (DCG) continued to escalate on the day.

Related:BTC Price 3-Week Highs Welcome US CPI 5 Things To Know About Bitcoin This Week

Cameron Winklevoss, co-founder of the Gemini exchange, has followed up on an open letter to DCG CEO Barry Silbert accusing him of fraud and calling on the company’s board to fire him.

The debacle, part of the global fallout from FTX’s collapse, centers on stranded client funds and SIlberts alleged refusal to cooperate with creditor demands.

A separate effort, Redeem GBTC, seeks to access funds on behalf of investors from the Grayscale Bitcoin Trust (GBTC), the largest institutional Bitcoin investment vehicle, with over $10 billion in assets under management.

Its creator, crypto entrepreneur David Bailey, has informally committed to expanding the reach of grassroots campaigns to include other crypto funds operated by Grayscale, which in turn is a subsidiary of GBTC.

The event, as before, nevertheless produced no noticeable price pressure on Bitcoin itself.

The views, thoughts and opinions expressed herein are the sole authors and do not necessarily reflect or represent the views and opinions of Cointelegraph.

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