BTC Pa'u I lalo ifo o le $22,000, e pei ona lapataʻia e Powell e uiga i le maualuga o tau

Bitcoin moved below the $22,000 level on March 8, as markets continued to react to U.S. Fed Chair Jerome Powell’s testimony. Speaking in front of the Senate Banking Committee, Powell said he expected rates to be higher than initially anticipated. Ethereum has also slipped on the news.

Bitcoin

Bitcoin (BTC) dropped below $22,000 on Wednesday, following yesterday’s faamatalaga from U.S. Federal Reserve Chair Jerome Powell.

Speaking yesterday, Powell stated that “the ultimate level of interest rates is likely to be higher than previously anticipated.”

BTC/USD fell to a low of $21,964.99 earlier in today’s session, a day after residing at a peak of $22,421.42.

The move transpired following a breakout of a key support point at $22,300, which coincided with the relative strength index (RSI) falling from a floor of its own at 42.00.

As of writing, the index is now tracking at 40.36, with a lower floor at 38.00 a possible target for bears.

Should this point of support be reached, there is a strong chance that BTC will be trading close to the $21,600 mark.

Ethereum

Although also in the red, ethereum’s (ETH) decline was significantly more muted than that of its counterpart.

Ina ua maeʻa le maualuga o le $1,568.23 i le Aso Lua, ETH/USD marginally moved to a low of $1,543.13 during today’s session.

As a result of the move, ethereum briefly broke out of a historic area of support at $1,550 earlier in the day.

le taimi nei, ETH is back above this point, and is trading at $1,557.87, which comes as the RSI hovers above a recent deck of its own.

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

Should this level hold firm, ETH bulls will likely attempt to buy more of this week’s dip in price.

Resitala lau imeli iinei e maua ai fa'afouga o le su'esu'eina o tau i vaiaso ta'itasi e lafo i lau pusameli:

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

Eliman Dambell

O Eliman sa avea muamua ma fa'atonu o se kamupani fa'atau pisinisi i Lonetona, ae o se faia'oga fefa'ataua'iga i luga ole laiga. I le taimi nei, na ia faʻamatalaina i luga o vasega eseese o aseta, e aofia ai Crypto, Stocks ma FX, aʻo avea foi ma faʻavae amata.