Cryptocurrency prices on June 13: Bitcoin trades flat after hitting $70K mark post Fed outcome

"In the last 24 hours, the crypto market experienced volatility following the release of CPI data, which came in lower than expected. This initially led to a market pump, but prices soon retraced after the FOMC announcement that the Fed's fund rate would remain constant," said CoinDCX Research Team.

Inflation in the United States eased in May for the second consecutive month. Consumer prices, excluding volatile food and energy costs — the closely watched core index — rose 0.2% from April to May, the government reported Wednesday.

That figure was down from 0.3% the previous month and marked the smallest increase since October. Compared to a year earlier, core prices climbed 3.4%, below last month’s 3.6% rise, marking the mildest increase in three years.

However, investors were whipsawed later as Fed officials trimmed projections for interest rate reductions this year to a single quarter-point cut.

In his post-meeting press conference, Fed Chair Jerome Powell acknowledged that inflation has eased substantially but still remains too high.

Meanwhile, altcoins and meme coins like Solana, XRP, , Cardano, Polkadot, Avalanche, and Chainlink surged up to 3%, while BNB, Shiba Inu, Tron, and NEAR Protocol declined up to 1.5%.

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In the last 24 hours, the market cap of Bitcoin, the world's largest , rose to $1.333 trillion. Bitcoin's dominance is currently 54.3%, according to CoinMarketCap. BTC volume in the last 24 hours rose 17.5% to $36 billion.

Concurrently, the global cryptocurrency market cap also saw a 0.3% rise, hovering around $2.45 trillion in the last 24 hours.

Tech view on BTC by Rajagopal Menon, Vice President, WazirX

Technical indicators show that the daily MACD is losing momentum in the bearish zone while the daily RSI for BTC/USD has fallen below the 50 level but stands neutral.

The 10-day Exponential Moving Average (EMA) indicates "Sell" at 68,676, and a 200-day EMA indicates "Buy" at 57,180. The 10-day Simple Moving Average (SMA) indicates "Sell" at 69,353, and a 200-day SMA indicates "Buy" at 56,214.

(Disclaimer: The views expressed by experts are their own and do not necessarily reflect those of The Economic Times)

Source: Forex-Markets-Economic Times