Bitcoin (BTC) held steady at just over $20,000 after Wall Street opened on June 29 as Europe’s top banker admitted that the world would “never go back” to low inflation.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
Lagarde on inflation: ‘I don’t think we’ll ever go back’
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD looks volatile but unstable as it is stuck in a tight range during the day.
US stock markets were similarly calm after Asian trading saw fresh losses. Meanwhile, comments from Europe’s central bankers set the tone for the overall economy.
In particular, Christine Lagarde, President of the European Central Bank (ECB), appears to have stated that inflation will remain high indefinitely.
“I don’t think we are going back to that period of low inflation,” she said during a press conference at the ongoing European Central Bank Forum in Sintra, Portugal.
She was joined by Federal Reserve Chairman Jerome Powell, who sounded similarly pessimistic on the speculation while promising not to rest until inflation matches the bank’s 2% target.
“That’s our goal, that’s our goal; we think there are different ways to achieve that, to get our way back to 2% inflation while maintaining a strong labor market. We think we can do that, that’s our goal; there’s no guarantee we can. to do that “.
Bitcoin Bulls Defending Top of 2017
Bitcoin did not respond to the comments, which preceded the new US Consumer Price Index (CPI) data by about two weeks.
For Bitcoin analysts, meanwhile, the focus was on the June monthly close.
On-chain analytics resource, Material Indicators now predicted a breakout “very soon” as the monthly candle was doomed to disappoint.
“Bulls are defending the top for 2017, but with one day left, it will be nearly impossible to print a green monthly candle,” she told Twitter followers.
“There is still a chance for the green throughout the week. Expect volatility. One way or another, Bitcoin will break or crash very soon.”
An accompanying chart showing the order book of major exchange Binance confirmed the buying and selling interest of BTC/USD with an eye on current prices.
BTC/USD (Binance) order book data. Source: Material Indicators / Twitter
As Cointelegraph reported, June 2022 was already on track to be the worst month since 2018.
Prices continue to roast corporate investors
Elsewhere, MicroStrategy has boosted Bitcoin’s treasury with a new purchase of 480 BTC, a move that commentators have applauded.
Related: No flexibility for Bitcoin Cash users as BCH loses 98% against Bitcoin
Smaller compared to some of the acquisitions, MicroStrategy and CEO Michael Saylor have been clearly acting against allegations that the company may be liquidated on a $205 million loan taken for the acquisition of BTC.
William Clemente, Lead Insight Analyst at Blockware, reacted, “While this recent purchase of 480 BTC from Saylor may have been relatively small, I think it sends a message more than anything else.”
“Despite all the criticism and claims that it has been ‘liquidated’ by bears, it is not going anywhere and sticking to its long-term allocation strategy.
However, a look at monitoring resource Bitcoin Treas Bonds showed that MicroStrategy combined down $1.4 billion on its stock, with Tesla down nearly 50%.
The Square payment network also remained $60 million lower than its $220 million allocation.