In the midst of continued monetary policy tightening, Bitcoin keeps a tight grip on the $30K level as market participants anticipate more rate hikes from the Federal Reserve.

On June 28th, Bitcoin’s price showed a restrained trading zone as the US Federal Reserve maintained its stringent stance on inflation. This restrained trading coincided with Federal Reserve Chair, Jerome Powell’s fresh economic policy remarks.

Powell, during a two-day dialogue with other central bank leaders at the European Central Bank Forum on Central Banking 2023 in Sintra, Portugal, re-emphasized the Fed’s intention for additional interest rate hikes this year. Despite the pause in the hiking cycle initiated in late 2021, Powell highlighted the potential for further policy adjustments.

He remarked, “The policy has not been tight for long. We started with negative real interest rates and have moved up to a restrictive zone, but we haven’t been there for long. So, we see more tightening on the horizon.”

Powell conveyed that the majority was in favor of at least two more rate hikes in the future. Bitcoin’s reaction to these remarks was cautious, with the crypto retreating from the previous day’s gains, hesitating to challenge its yearly high at $31,000.

Market spectators are adopting a ‘wait and see’ approach in response. CryptoCon, a well-known trader, tweeted a chart showing Bitcoin’s price in familiar territory on the rise, despite the market hesitation.

Meanwhile, MicroStrategy’s announcement of adding over 12,000 BTC to its corporate treasury did not significantly move the market. CEO Michael Saylor confirmed the purchase of 12,333 BTC, totaling $347 million at the time, increasing the company’s aggregate cost basis to $29,668 per BTC.

As per Bitcoin Treasuries, a monitoring resource, MicroStrategy now possesses close to 0.7% of the total potential BTC supply. This is notably ten times more than the second-largest treasury held by Voyager Digital, which owns 12,260 BTC.