Bitcoin moved below the $22,000 level on March 8, as markets continued to react to testimony from US Federal Reserve Chairman Jerome Powell. Speaking in front of the Senate Banking Committee, Powell said he expected rates to be higher than initially anticipated. Ethereum has also slipped into the news.
Bitcoin
bitcoin (BTC) fell below $22,000 on Wednesday, following comments from US Federal Reserve Chairman Jerome Powell yesterday.
Speaking yesterday, Powell stated that “the final level of interest rates is likely to be higher than previously anticipated.”
BTC/USD fell to a low of $21,964.99 earlier in today’s session, a day after staying at a high of $22,421.42.
The move occurred following a break of a key support point at $22,300, which coincided with the fall of the Relative Strength Index (RSI) from a bottom of its own at 42.00.
At time of writing, the index is now at 40.36, with a bottom floor at 38.00, a possible target for bears.
If this foothold is reached, there is a high probability that BTC it will trade near the $21,600 mark.
Ethereal
Although also in red, that of ethereum (ETH) the decline was significantly more moderate than that of its counterpart.
After a high of $1,568.23 on Tuesday, ETH/USD moved marginally to a low of $1,543.13 during today’s session.
As a result of the move, Ethereum briefly broke out of a historical support area at $1,550 earlier in the day.
At the moment, ETH it is back above this point and is trading at $1,557.87, which occurs as the RSI hovers over a recent proprietary platform.
At the time of writing, price strength is at 43.54, which is above a bottom at 43.00, from February 13.
If this level holds firm, ETH the bulls will probably try to buy more of this week’s price decline.
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