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Bitcoin price edges higher as Fed inflation meeting sends DXY to 2-month high

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The U.S. dollar appeared to benefit from fresh comments by Jerome Powell, while Bitcoin remains frustrated.

Bitcoin (BTC) stayed below $40,000 on June 17 as a surging U.S. dollar added to downward BTC price pressure.

BTC/USD bounces at $38,000
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD trading at around $39,300 on Thursday.

The largest cryptocurrency fell during a meeting of the Federal Reserve the day before in which Chair Jerome Powell acknowledged inflation could run higher than planned in the short term. As Cointelegraph reported, May’s Consumer Price Index (CPI) report showed inflation hitting a 13-year high last month.

While traditionally a boon for Bitcoin, however, Powell’s confidence in inflation returning to normal long term ultimately served to boost the dollar more than BTC.

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