Bitunix Analyst: Dollar Continues to Consolidate, Forex Market Awaits Powell's Testimony, Crypto Market Gears Up

BlockBeats News, June 21st. This week, the foreign exchange market saw a stable US Dollar Index amidst volatility, with the USD reaching a three-week high against the Japanese Yen, reflecting the market's combined response to the easing of tensions between Iran and Israel and the Federal Reserve's policy shift. Fed Governor Waller stated his support for a potential rate cut as soon as July, with Powell set to testify in Congress next week, where his tone may influence short-term movements in the dollar and asset prices.

The Bank of Japan remained steady, but economists believe the possibility of a rate hike before autumn has increased. The Bank of England, on the other hand, maintained its rate with a split vote of 6:3, indicating escalating internal dissent. Positive signs emerged from the Middle East negotiations, but markets remain cautious of the risks posed by the ongoing trade war and inflation, with central bank actions in multiple countries becoming a focal point for the market.

Bitunix analysts suggest that Powell's testimony next week and geopolitical news could trigger volatility, advising investors to wait for confirmation of direction before making decisions. BTC's support is located between $103,300-$102,700, holding onto its short-term uptrend.