Bitcoin's Price Plummets Following Powell's Remarks in San Francisco
Bitcoin Sinks Below $70,000 Amid Powell Comments - Bearish Signals Detected
Traditional markets are closed today but bitcoin continues to tick over. Crypto often offers a view into risk sentiment and the 2% fall in BTC today might indicate some bearishness creeping in, particularly as the selling accelerated after Powell's comments in San Francisco.
The Fed Chairman's Statements
'The economy is strong, we see very strong growth,' said Powell, highlighting the two-sided risks and a data-focused approach. Notably, Powell did not mention rate cuts, contrasting with previous indications.
Market Reaction and Analysis
- BTC was trading at $70,000 before Powell's comments
- Selling pressure intensified post-comments
- Technical factors and liquidity considerations likely contributed to the move
While the price drop in BTC is significant, the overall impact may be limited given the context of recent market movements and liquidity levels.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.