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BTC/USD Grinds Lower, Trapped Below $22,000.

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Bitcoin (BTC/USD) Outlook:

  • Bitcoin prices drop below 50-day MA (moving average), holding as resistance above $23,000.
  • BTC/USD loses traction, leaving prices vulnerable around $22,000.
  • Cryptocurrency lacks clarity as investors focus on Fed Chair, Jerome Powell’s congressional statement and clues on additional rate hikes.

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Get Your Free Bitcoin Forecast

Bitcoin prices are currently on track for their third, consecutive week of losses, pushing BTC/USD below $22,000. With Fed Chair, Jerome Powell suggesting that interest rates may continue to rise in the foreseeable future, BTC/USD broke prior resistance, reaching a low of $21,858.

As the semiannual monetary policy report continues to influence market sentiment, both fundamental and technical factors have contributed to driving price action.

For major cryptocurrency, higher interest rates have a negative influence on the risk assets, which do not yield any interest from holding the coins/tokens.

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