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Market News BTC Bears to Target Sub-$21,500 on US Labor Market Stats and Powell

BTC Bears to Target Sub-$21,500 on US Labor Market Stats and Powell

BTC experienced losses on Tuesday as the NASDAQ Composite Index and the larger crypto market were impacted by Fed Chair Powell's hawkish testimony.

Skylar Shaw

2023-03-08

9435

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Bitcoin (BTC) experienced a loss of 0.87% on Tuesday. BTC lost 0.12% on Monday and finished the day at $22,209. BTC returned to below $22,000 levels for the second time since February 14 despite falling short of the $23,000 handle for the fourth session in a row.

After a mixed morning, BTC reached a high of $22,554 early on. BTC fell to a low point in the middle of the afternoon of $21,950 as it approached the First Major Resistance Level (R1) at $22,571. Before making a partial comeback to finish the day at $22,209, Bitcoin breached the First Major Support Level (S1) at $22,258 and the Second Major Support Level (S2) at $22,112.

BTC and the NASDAQ Composite Index fall after Fed Chair Powell

In terms of the US business schedule, it was a calm day. Investors did not have any US economic data to consider, so Fed Chair Powell dominated the afternoon session.

Investors were taken aback by the testimony's unexpected hawkishness. Powell drove the NASDAQ Composite Index into negative territory and BTC below $22,000.

Fed Chair Powell discussed the need for higher rates on Tuesday, pointing out that economic data had been better than anticipated. As a result, the S&P 500 fell by 1.53% while the NASDAQ Composite Index dropped by 1.25%. This morning, the NASDAQ mini was down 15.75 points.

While US lawmakers' chatter and regulatory activity put pressure on BTC and the larger crypto market, Fed Chair Powell weighed on investor sentiment.

However, court rulings opposing SEC motions softened the blow for Bitcoin (BTC) and the larger crypto market. The purchase of Voyager Digital by Binance.US for $1.3 billion was authorized by US courts on Tuesday.

A hearing on crypto-asset mining and the environment held by the Senate Environment and Public Works Subcommittee on Tuesday had little effect on the prices of Proof-of-Work cryptos.