The Future of Bitcoin Fed Warning of Rising Interest Rates | Arabic Bitcoin | Bitcoin news

The Future of Bitcoin: The Fed’s Warning of Higher Interest Rates

The Future of Bitcoin US Federal Reserve Jerome Powell’s warning of higher-than-expected interest rates has many investors wondering if this will lead to a collapse in cryptocurrency prices.

In this update, we’ll take a closer look at the current state of the cryptocurrency market, analyze recent trends in bitcoin prices, and predict what the future holds for the world’s most popular digital asset.

Bitcoin failed to stem its losses and stay in the red amid Powell’s hawkish stance and uncertainty surrounding Silvergate Bank

The Future of Bitcoin Federal Reserve Warning Quick Fundamental Look

Bitcoin (BTC), the world’s largest cryptocurrency, could not gain any positive momentum and continues to flash red in the $22,000 range.
The declines can be attributed to comments made by US Federal Reserve Chairman Jerome Powell about raising interest rates.

It is important to note that the cryptocurrency market has seen a decline in the wake of Powell’s comments and the uncertainty surrounding Silvergate Bank.

This has created a sense of uncertainty among traders and investors who are now trying to understand the potential impact of Powell’s comments on the market.

I am closely looking at the accumulation range from the swing high.
Pull back so far is below OTE and a bounce is expected from this level any moment.
The consolidation before each drop has been decreasing as illustrated

Technically we should expect a bounce here#BTC pic.twitter.com/QtqSOHbbXn

— Mikybull 🐂Crypto 🔬 (@MikybullCrypto) March 8, 2023

Aside from Powell’s comments, the uncertainty surrounding Silvergate Bank also played a role in the cryptocurrency market downturn.

The tension surrounding the bank increased the sense of uncertainty among investors, which sent cryptocurrency prices plummeting.

Markets Today is open for business 📈

– Pound firmly below $1.19
– FTSE 100 edges lower to start the day
More fallout from Jerome Powell’s comments

Stay on top of the news that matters to UK markets through the day: https://t.co/8o8rscHLUP pic.twitter.com/KcI4LjlwS2

— Bloomberg UK (@BloombergUK) March 8, 2023

This affected other well-known cryptocurrencies such as Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), and Solana (SOL), which also suffered losses on the day.

The Future of Bitcoin Fed Warning

Bitcoin’s current price is $21,700, and the 24-hour trading volume is $22 billion. Bitcoin is down more than 1.50% in the last 24 hours. Bitcoin is now the market leader, with a live market cap of $420 billion.

In the technical analysis, Bitcoin currently has immediate support near the $21,550 level. A breach of this level is likely to trigger a bullish retracement.

On the upside, the immediate resistance for Bitcoin is located at the $22,000 level. An upward breach of this level could take BTC price towards $22,500 or $22,850.

On the contrary, a breach of $21,550 could extend the selling trend until the $20,550 mark.