Bitcoin (BTC<\/a>) traders faced disappointment at the Jan. 10 Wall Street open after the United States Federal Reserve declined to comment on future policy.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> followed BTC\/USD as it stayed flat at around $17,250 on Bitstamp.<\/p>\n Hopes had focused on a fresh BTC price catalyst courtesy of the Fed in the form of a speech<\/a> by Chair Jerome Powell.<\/p>\n Speaking at the International Symposium on Central Bank Independence at Sweden\u2019s Central Bank headquarters in Stockholm, however, Powell avoided the topic of U.S. monetary policy altogether.<\/p>\n \u201cI will address three main points. First, the Federal Reserve’s monetary policy independence is an important and broadly supported institutional arrangement that has served the American public well,\u201d he began.<\/p>\n \u201cSecond, the Fed must continuously earn that independence by using our tools to achieve our assigned goals of maximum employment and price stability, and by providing transparency to facilitate understanding and effective oversight by the public and their elected representatives in Congress. Third, we should \u2018stick to our knitting\u2019 and not wander off to pursue perceived social benefits that are not tightly linked to our statutory goals and authorities.\u201d<\/p><\/blockquote>\n The latter point referred to the Fed implicating itself in the climate change debate.<\/p>\n In the absence of market triggers, neither crypto nor U.S. stocks were especially promising in the first hour\u2019s trading on Wall Street.<\/p>\n In fresh analysis on the day, Filbfilb, co-founder of trading suite Decentrader, outlined potential upside and downside targets for BTC price action in the short term.<\/p>\n Volatility, as Cointelegraph reported<\/a>, was still expected on Jan. 12 with the release of Consumer Price Index (CPI) data for December.<\/p>\n \u201cBuyers have been found for 2 months below 16.5k,\u201d he told Telegram channel subscribers, highlighting several weekly moving averages (WMAs) to bear in mind.<\/p>\n \u201c20 WMA sits around 18.3k which is also the current range high, previous support, and diag resistance. If it breaks that key level, the top of the wedge would be the target, also the 200 WMA c.$24k.\u201d<\/p><\/blockquote>\n Should bearish tendencies return, meanwhile, a trip to as low as $14,000 remained possible.<\/p>\n \u201cLiquidity shows that it might be a bit of a battle to make it up to 24k,\u201d Filbfilb continued.<\/p>\n \u201cIf there is a curveball thrown into the mix, there is fuel in the tank to take us to 14-14.5k.\u201d<\/p><\/blockquote>\n Elsewhere, tensions involving crypto conglomerate Digital Currency Group (DCG) continued to fester on the day.<\/p>\n Related:\u00a0BTC price 3-week highs greet US CPI \u2014 5 things to know in Bitcoin this week<\/a><\/em><\/strong><\/p>\n Cameron Winklevoss, co-founder of exchange Gemini, followed up<\/a> on an open letter<\/a> to DCG CEO, Barry Silbert, accusing him of fraud and calling on the firm\u2019s board to dismiss him.<\/p>\n The debacle, part of the global fallout from the collapse of FTX, focuses on locked customer funds and SIlbert\u2019s alleged unwillingness to cooperate with creditors\u2019 demands.<\/p>\n A separate effort, \u201cRedeem GBTC<\/a>,\u201d seeks to gain access to funds on behalf of investors in the Grayscale Bitcoin Trust (GBTC), the largest Bitcoin institutional investment vehicle, with over $10 billion in assets under management.<\/p>\n Its creator, crypto entrepreneur David Bailey, has informally pledged<\/a> to expand the grassroots campaign\u2019s scope to include other crypto funds operated by Grayscale, which in turn is a subsidiary of GBTC.<\/p>\n The event, as before, nonetheless failed to produce noticeable price pressure on Bitcoin itself.<\/p>\n 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<\/div>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-01\/6f8cf630-5e7b-4f43-beef-fcbd0d633b42.png\")
Powell keeps quiet on Fed policy<\/h2>\n
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Winklevoss accuses GBTC CEO Silbert of fraud<\/h2>\n