{"id":9683,"date":"2023-01-10T12:52:07","date_gmt":"2023-01-10T12:52:07","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=9683"},"modified":"2023-01-10T12:52:08","modified_gmt":"2023-01-10T12:52:08","slug":"bitcoin-price-holds-17k-into-fed-powell-speech-as-gbtc-jumps-to-multi-month-highs","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=9683","title":{"rendered":"Bitcoin price holds $17K into Fed Powell speech as GBTC jumps to multi-month highs"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) stayed above $17,000 on Jan. 10 as risk assets awaited fresh cues on policy from the United States Federal Reserve.<\/p>\n<p><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/p>\n<h2>Powell to kick off week of U.S. macro triggers<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD consolidating after hitting $17,396 on Bitstamp the day prior \u2014 its highest since Dec. 16.<\/p>\n<p>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.<\/p>\n<p>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. <\/p>\n<p>The latest Consumer Price Index (CPI) data covering December, 2022, was nonetheless not due until Jan. 12.<\/p>\n<p>Commenting on short-term BTC price action, Micha\u00ebl van de Poppe, founder and CEO of trading firm Eight, cautioned on becoming overly optimistic.<\/p>\n<p>\u201cBitcoin rejecting at crucial area as Powell&#8217;s speech is approaching yesterday + simply crucial resistance zone,\u201d he summarized on Jan. 9. <\/p>\n<p>\u201cProbably sweep towards $17.1K before another bounce towards $17.5K for bearish divergence or we long at $16.9K. Good volatility. Lots of dips on altcoins too.\u201d<em>BTC\/USD annotated chart. Source: Micha\u00ebl van de Poppe\/ Twitter<\/em><\/p>\n<p>Full-time Bitcoin trader George, a popular presence on social media, meanwhile eyed a potential intraday range with $17,000 as support.<\/p>\n<p>\u201cThink we could be establishing a new range between 17k and 17.6k for the next couple days,\u201d part of an update confirmed.<\/p>\n<p><em>Cast your vote now<\/em><\/p>\n<p>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.<\/p>\n<p><em>U.S. dollar index (DXY) 1-hour candle chart. Source: TradingView<\/em><\/p>\n<h2>GBTC &#8220;discount&#8221; reverses despite investor pressure<\/h2>\n<p>More conspicuous than the modest uptick in BTC spot price was that of the largest Bitcoin institutional investment vehicle.<\/p>\n<p><strong><em>Related:\u00a0Why is the crypto market up today?<\/em><\/strong><\/p>\n<p>Beginning Jan. 6, the Grayscale Bitcoin Trust (GBTC) began a marked recovery which saw its share price add 17% over three days.<\/p>\n<p>In so doing, the GBTC discount to net asset value \u2014 spot BTC \u2014 narrowed to its smallest in several months. <\/p>\n<p>Formerly a premium, the negative \u201cpremium\u201d stood at 38.5% on the day, up from record lows of 48.9% on Dec. 13, according to data from Coinglass.<\/p>\n<p>Grayscale parent company, Digital Currency Group (DGC), continued to field criticism amid a concerted effort from investors to regain access to their cash.<\/p>\n<p><em>GBTC premium vs. asset holdings vs. BTC\/USD chart. Source: Coinglass<\/em><\/p>\n<p class=\"post-content__disclaimer\">The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-price-holds-17k-into-fed-powell-speech-as-gbtc-jumps-to-multi-month-highs\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) stayed above $17,000 on Jan. 10 as risk assets awaited fresh cues on policy from the United States Federal Reserve. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView Powell to kick off week of U.S. macro triggers Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD consolidating after hitting $17,396 on Bitstamp the day [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":9684,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-9683","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9683","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9683"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9683\/revisions"}],"predecessor-version":[{"id":9685,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9683\/revisions\/9685"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/9684"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9683"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9683"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9683"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}