Bitcoin Bulls Lose Momentum as Fed's 'Hawkish' Tone Dampens $70K Hopes

Bitcoin's upward trajectory stalled on June 13 as markets anticipated the release of U.S. inflation data. Despite initially reaching $70,000, BTC/USD plummeted to lows of $66,983. The Federal Reserve's meeting and Chair Jerome Powell's subsequent comments triggered a sell-off in risk assets, including Bitcoin. Powell's emphasis on maintaining a restrictive policy and downplaying the possibility of early interest rate cuts spooked investors. The market reduced its bets on a rate cut at the Fed's September meeting, and analysts believe that Bitcoin's price remains rangebound until it establishes support at $69,000. Trading resource Material Indicators highlights the role of Bitcoin whales in manipulating price volatility by strategically adjusting order book liquidity.