Bitcoin price rises to $20.7K as Fed’s Powell says more rate hikes ‘appropriate’
Testimony from the Fed Chair provides no surprises while risk assets meander on the Wall Street open.
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Testimony from the Fed Chair provides no surprises while risk assets meander on the Wall Street open.
BTC and select altcoins attempted a reversal, but are facing heavy selling at higher levels, which is proof that bears remain in control of the wider market.
AVAX is testing support at $14.80 and the network’s DApp use is underperforming its competitors, suggesting that the easiest path forward is down.
Bitcoin and select altcoins have broken above their immediate resistance levels, indicating the start of a relief rally.
Kwon also bullishly emphasized that its stablecoin TerraUSD backed by $10 billion-plus in BTC reserves will “open a new monetary era of the Bitcoin standard.”
The Ukraine war is high on the Fed’s list of concerns, according to a statement released with the 0.25% rate hike.
Bitcoin and most major altcoins have turned down from their respective overhead resistance levels, indicating that the short-term sentiment has turned negative.
Bitcoin and large-cap altcoins are meeting strong overhead resistance, which could be a signal that bears are attempting to stall the next upward move.
The greenback regained strength in hopes that stronger inflation data in the U.S. would revive a tighter monetary policy and after better-than-expected retail sales growth.