BTC/USD slips below range as Powell adds to Silvergate woes, be
Cryptocurrencies have been generally led by news related to the industry rather than what happens in broader markets. The latest scandal around Silvergate has been the latest to hit digital assets, and it is part of the fallout related to FTX.
Nevertheless, Fed Chair Powell's hawkish speech on Tuesday adds fuel to the fire, and has contributed to BTC/USD slipping under support at 22,131. Bulls are still struggling to keep it above 22K, but bears are in the lead and are set to push it down toward the next significant support line of $21,398, which is then followed by the round $20,000 level.
Should some unexpected good news for Bitcoin come, we could see BTC/USD bounce toward $22,612, and the $23,029. I think there is a higher chance of falls from here.
Nevertheless, Fed Chair Powell's hawkish speech on Tuesday adds fuel to the fire, and has contributed to BTC/USD slipping under support at 22,131. Bulls are still struggling to keep it above 22K, but bears are in the lead and are set to push it down toward the next significant support line of $21,398, which is then followed by the round $20,000 level.
Should some unexpected good news for Bitcoin come, we could see BTC/USD bounce toward $22,612, and the $23,029. I think there is a higher chance of falls from here.