Bitcoin price somehow managed to rally slightly above $23,000 with minor gains of 2-3% shortly after Fed Chairman Jerome Powell addressed the post-meeting press conference. As usual, the BTC price rose rapidly as new interest rates were introduced and plunged shortly after the next speech by the president.

So it seems that the traders only considered a small sentence of his speech where he says: “the disinflationary process has started” and turned bullish on Bitcoin. He never said that inflation would reach 2%; rather, he said more increases and more time would be needed to reduce inflation rates. More upside means more strength for the USD, casting bearish signals for the crypto space.

Currently, the BTC price action does not show a specific price action as the bulls are unable to hold the price above $23,000 while the bears fail to bring the price below $22,800. Therefore , leaving the price in danger, without indicating the possibility of the imminent movement.

Bitcoin price has been trading above the crucial support which acts as a solid support and offers a nice boost at times when it suffers a setback. The bulls are trying to push the price up from the current levels, but should the bearish action intensify, the price could test the lower support region between $22,466 and $25,519. If the bulls fail to trigger a bounce, a sharp bearish action can send the price down towards the next level, which is quite different.

Therefore, the Bitcoin price which appears to have been trading within tight regions is expected to start a firm rally shortly. Until then, the fight between bears and bulls can continue, forcing the price to consolidate.

This post Bitcoin Prices Plunging: Did Traders Miss Powell’s Full Speech?

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