Today, the crypto market has tilted towards bearish sentiment ahead of Jerome Powell’s speech. This bearish pull was also affected in Crypto-related stocks. The world’s first cryptocurrency, Bitcoin, has lost its crucial resistance of $23K and is now trading around $22.5K.
At the time of reporting, Bitcoin is selling for $22,900 down 0.21% over the past 24 hours.
Jerome Powell’s comments have always played an important role in the financial sector, especially cryptocurrencies. However, according to the US Bureau of Labor Statistics, the job market has witnessed tremendous growth, with January recording the lowest unemployment rate.
As retailers await Powell’s speech, shares of Coinbase Global ($COIN) have plunged 4.50%, suggesting that the cryptocurrency market may have a bearish moment ahead. Even MicroStrategy Inc ($MSTR) shares are down 1%.
Bitcoin floats between bulls and bears
In the meantime, looking at Bitcoin’s technical indicators suggests that the flagship coin will see reduced price action as short-term traders enjoy profits. These short-term traders are currently making a profit on the Production Utility Spent Ratio, so these traders are expected to sell their holdings soon.
However, analysts expect an aggressive approach from Jerome Powell as the unemployment rate has declined. Last week, the Federal Reserve raised the interest rate by 0.25% after the first FOMC meeting of 2023.
This post Jerome Powell Speech Today, Bitcoin Price Drops, Selling Forward?
was published first on https://coinpedia.org/news/jerome-powell-speech-today-bitcoin-price-drops-pointing-towards-huge-sell-off-ahead/
