The hawkish comments from Fed Chair Powell indicating that continual interest rate hikes can be expected impacted beyond the DXY, as equity markets and cryptocurrencies fell.
During the speech on Friday, Bitcoin reversed from the 21600 price level to trade below 20000 for the first time since July, keeping price within the downward channel.
Although price retraced towards the 20400 level over the last couple of days, price continues to be resisted by the upper bound of the downward channel to trade lower again.
If Bitcoin breaks below the 19562 price level, significant downside could be expected with the next key support level at 18000, the lower bound of the downward channel.
During the speech on Friday, Bitcoin reversed from the 21600 price level to trade below 20000 for the first time since July, keeping price within the downward channel.
Although price retraced towards the 20400 level over the last couple of days, price continues to be resisted by the upper bound of the downward channel to trade lower again.
If Bitcoin breaks below the 19562 price level, significant downside could be expected with the next key support level at 18000, the lower bound of the downward channel.
