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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.

Recommended by Tammy Da Costa

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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