Bitcoin (BTC<\/a>) staged another retest of $30,000 support on June 28 as the United States Federal Reserve stayed hawkish on inflation.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> showed BTC price action sticking to a narrow range at the Wall Street open.<\/p>\n This accompanied fresh comments on economic policy from Fed Chair Jerome Powell.<\/p>\n Speaking during a two-day discussion with other central bank heads at the European Central Bank Forum on Central Banking 2023<\/a> in Sintra, Portugal, Powell reiterated Fed consensus for further interest rate hikes this year.<\/p>\n Having paused the hiking cycle<\/a>, which began in late 2021, this month, Powell nonetheless stressed that there was still room for further policy tightening.<\/p>\n \u201cReally, policy hasn\u2019t been restricted for very long,\u201d he said.<\/p>\n \u201cWe started at negative real interest rates; we\u2019ve since moved up to where we are actually in restrictive territory, but we haven\u2019t been there very long, so we believe there\u2019s more restriction coming.\u201d<\/p><\/blockquote>\n Powell said that there was majority support for at least two further rate hikes going forward.<\/p>\n Bitcoin appeared hesitant as a result, retracing the prior day\u2019s gains to shy away from a renewed attack on yearly highs at $31,000<\/a>.<\/p>\n Reacting, market participants nonetheless chose to wait and see.<\/p>\n Still…sipping ☕️ and watching .#BTC<\/a> #FireCharts<\/a> pic.twitter.com\/prTYNx3M6g<\/a><\/p>\n \u2014 Material Indicators (@MI_Algos) June 28, 2023<\/a><\/p><\/blockquote>\n \u201cPrice bullishly explodes from the lows, takes a pause at the range high, and then continues to new yearly highs,\u201d popular trader CryptoCon wrote<\/a> in part of a tweet.<\/p>\n An accompanying chart demonstrated that BTC\u2019s price was in familiar territory on its way up.<\/p>\n News that MicroStrategy had purchased more than 12,000 BTC for its corporate treasury, meanwhile, failed to have a tangible impact.<\/p>\n Related:\u00a0BTC price metric warns that Bitcoin speculators may sell past $33K<\/a><\/em><\/strong><\/p>\n $BTC<\/a> \u2014 Skew \u0394 (@52kskew) June 28, 2023<\/a><\/p><\/blockquote>\n Confirmed<\/a> by CEO Michael Saylor, the company announced that it had added 12,333 BTC \u2014 worth at the time $347 million \u2014 to its reserves, bringing its aggregate cost basis to $29,668 per BTC.<\/p>\n According to monitoring resource Bitcoin Treasuries<\/a>, MicroStrategy now owns almost 0.7% of the entire potential BTC supply.<\/p>\n It also owns 10 times more than the second-largest treasury, belonging to Voyager Digital, which owns 12,260 BTC.<\/p>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-06\/17bec532-9a47-4995-9d5d-d3ccf6fde681.png\")
Powell on rate hikes: \u201cMore restriction coming\u201d<\/h2>\n
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MicroStrategy Bitcoin dip-buying returns<\/h2>\n
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lmao it appears the market doesn’t approve of saylor’s BTC purchase pic.twitter.com\/86iP6qg9Do<\/a><\/p>\n![\"\"](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-06\/a0533b34-d39a-41e8-85ec-e9dc4d360b19.png\" "\\"\\"")