Bitcoin (BTC) Plummets As U.S. Fed Powell Warns Hike in Interest Rate

BTC technical analysis shows how Bitcoin prices reach the psychological mark of $20K with a 6% drop. Will the increased fear in the global market bring Bitcoin below this year’s low of $17600? With the 6% drop last night, the Bitcoin (BTC) prices plunge to the crucial support of $20K. And the increased supply warns of a further downfall to the $18,850 mark. So will this high-momentum selling spree result in a drop to $15K, or will the price bounce back from the $18,850 mark? Key Points: The BTC price action displays a bearish engulfing candle completing a post-retest reversal from the $21,875 resistance level. The downtrend has the potential to break the $18,850 demand barrier. With a market cap of $385 billion, the intraday trading volume of Bitcoin has increased by 41% to reach $43.88 billion. Source- Tradingview BTC Technical Analysis Bitcoin (BTC) prices plummeted 6% overnight in response to Jerome Powell’s hawkish comments, resulting in a 1000-point drop in the U.S. market. However, the correction rally is suspected of continuing in the coming week as the selling pressure grows. With the Asian market expecting a gap down next week, investors may become more fearsome, liquidating their crypto funds. In such a case, a downfall in Bitcoin can break this year’s crucial support level of $18,850. Currently, the price action displays a bearish engulfing candle testing the buyers at the $20K psychological barrier. But the downtre...