BTC falls below $22,000 as Powell warns of higher prices – Market Updates Bitcoin News

Bitcoin moved below $22,000 on March 8 as markets continued to react to Federal Reserve Chairman Jerome Powell’s statement. Speaking before the Senate Banking Committee, Powell said he expected interest rates to be higher than originally expected. Ethereum has also slipped in the news.

Bitcoin

Bitcoin (BTC) fell below $22,000 on Wednesday after US Federal Reserve Chair Jerome Powell commented yesterday.

Powell said yesterday that “final interest rate levels are likely to be higher than previously thought.”

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 break above a key support point at $22,300, which coincided with the Relative Strength Index (RSI) falling from a bottom of its own at 42.00.

As of this writing, the index is hovering around 40.36 with a bottom at 38.00 a possible target for bears.

If that support point is reached, there is a strong chance that BTC will trade near $21,600.

ether

Although also in the red, Ethereum (ETH)’s decline has been significantly more muted than that of its peer.

After hitting 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.

Currently, ETH is back above this point, trading at $1,557.87 as the RSI is hovering above a current deck of its own.

At the time of writing, price strength stands at 43.54, which is above a 43.00 floor that has been in place since the 13th of February.

If this level holds, ETH bulls will likely look to buy more of this week’s decline.

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Will market sentiment remain bearish for the rest of the week? Leave your thoughts in the comments below.

Elijah Dambell

Eliman was previously a director of a London based brokerage firm while also teaching online trading. He currently comments on various asset classes including crypto, stocks and forex while also being the founder of a startup.

Photo credits: Shutterstock, Pixabay, Wiki Commons

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