BTC Falls Below $22,000 As Powell Warns Against Higher Prices – Market Updates Bitcoin News
Bitcoin moved below the $22,000 level on March 8, as markets continued to react to US Federal Reserve Chairman Jerome Powell’s testimony. Speaking before the Senate Banking Committee, Powell said he expected interest rates to be higher than first thought. Ethereum has also fallen on the news.
Bitcoin
Bitcoin (BTC) fell below $22,000 on Wednesday, following yesterday’s comments from US Federal Reserve Chairman Jerome Powell.
Yesterday, Powell stated that “the final level of interest rates is likely to be higher than previously expected.”
BTC/USD fell to a low of $21,964.99 earlier in today’s session, a day after hitting a high of $22,421.42.
The move came after a breakout of a key support point at $22,300, which coincided with the Relative Strength Index (RSI) falling from a separate floor of 42.00.
At the time of writing, the index now follows 40.36, with a lower floor of 38.00 a possible target for bears.
Should this support point be reached, there is a high chance that BTC will trade near the $21,600 mark.
Ethereum
Although also in the red, the decline of ethereum (ETH) was significantly more muted 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 of $1,550 earlier in the day.
Currently, ETH is back above this point, trading at $1,557.87, which comes as the RSI hovers above a recent deck of its own.
At the time of writing, the price strength is at 43.54, which is above a floor of 43.00, having been in place since February 13.
Should this level hold, ETH bulls will likely look to buy more of this week’s price drop.
Register your email here to get weekly price analysis updates delivered to your inbox:
Will market sentiment remain bearish for the rest of the week? Leave your thoughts in the comments below.
Image credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or an endorsement or recommendation of products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is directly or indirectly responsible for damages or losses caused or alleged to be caused by or in connection with the use of or reliance on content, goods or services mentioned in this article.
