Bitcoin (BTC) rose above $63,000 on Friday as markets adjusted to geopolitical and macro changes.<\/p>\n
Key points:<\/strong><\/p>\n Data from TradingView showed BTC\/USD locked in a tight trading range on low time frames after dropping to eight-day lows.<\/p>\n BTC\/USD one-hour chart. Source: Cointelegraph\/<\/em>TradingView<\/em><\/p>\n Weakness had entered after the US Federal Reserve\u2019s latest interest-rate decision<\/span>, which sparked a broader risk-asset comedown.<\/p>\n Wednesday\u2019s meeting on the Federal Open Market Committee (FOMC) was the first for new Fed chair, Kevin Warsh, who avoided giving traders dovish signals on future policy.<\/p>\n \u201cInflation remains elevated relative to the Committee’s 2 percent goal, in part reflecting supply shocks that have driven price increases in certain sectors, including energy,\u201d he said in a statement<\/span> after a unanimous board decision to keep rates at current levels.\u00a0<\/p>\n \u201cThe Committee will deliver price stability.\u201d<\/p><\/blockquote>\n Warsh\u2019s tone was unusual, as expectations had seen him being accommodating to US President Donald Trump\u2019s insistence on rate cuts. He also cut the FOMC statement length considerably, using drier language than former chair, Jerome Powell.<\/p>\n \u201cWe will have far less information going forward,\u201d trading resource The Kobeissi Letter reacted in a post on X<\/span>, noting that Warsh had also \u201cdropped\u201d its forward guidance.<\/p>\n \u201cHe even hinted that the ‘dot plot’ could be changed or eliminated along with all forms of Fed communication, such as the policy statement and press conferences. In other words, the market will now have less Fed outlook which means more uncertainty.\u201d<\/p><\/blockquote>\n Fed target rate probabilities for July 29 FOMC meeting (screenshot). Source: CME Group<\/em><\/p>\n The latest data from CME Group\u2019s FedWatch Tool<\/span> showed markets pricing in a near 40% chance of a rate hike at the next FOMC meeting in late July.<\/p>\n With US markets closed for the Juneteenth holiday, meanwhile, Bitcoin and crypto were alone in digesting the latest developments in the US-Iran war.<\/p>\n Related: <\/strong><\/em>Bitcoin tipped for Q3 ‘macro bottom’ near $50K as major liquidity grab looms<\/strong><\/em><\/span><\/p>\n Despite signing a memorandum of understanding (MoU)<\/span>, the two sides appeared far from aligned on the future road map, with Iran once more eyeing the newly reopened Strait of Hormuz oil route.<\/p>\n Citing Bloomberg, Kobeissi reported that traffic \u201ccannot cross the Strait of Hormuz without its permission.\u201d<\/p>\n \u201cThe MoU signed with the US only says that transit through the Strait of Hormuz would be free for the duration of its 60 day term,\u201d it explained<\/span> on Friday.\u00a0<\/p>\n \u201cIt appears Iran is preparing for long-term control of Hormuz.\u201d<\/p><\/blockquote>\n CFDs on WTI crude oil one-day chart. Source: Cointelegraph\/TradingView<\/em><\/p>\n WTI crude oil continued to circle $75 per barrel on the day after hitting its lowest levels since early March.<\/p>\n Amid the lull in risk-asset volatility, trader and analyst Rekt Capital hinted that Bitcoin bulls\u2019 true test is yet to come.<\/p>\n \u201cThere tends to be a Black Swan event in the second half of Bitcoin Bear Markets. Lesson there,\u201d he told<\/span> X followers.<\/p>\n<\/div>\n <\/p>\n","protected":false},"excerpt":{"rendered":" Bitcoin (BTC) rose above $63,000 on Friday as markets adjusted to geopolitical and macro changes. Key points: Bitcoin takes a time-out near week-to-date lows after a broadly hawkish Fed interest-rate meeting. US-Iran tensions slowly resurface with the Strait of Hormuz oil route in the firing line. A trader suggests that a “black swan” event could …<\/p>\n","protected":false},"author":1,"featured_media":40,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-39","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n
BTC price lack upside momentum after hawkish Fed cues<\/h2>\n
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<\/figure>\nBitcoin “black swan” back on the radar<\/h2>\n
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