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Market News BTC Faces Risk of Sub-$29,500 on pre-Capitol Hill Hearing Angst

BTC Faces Risk of Sub-$29,500 on pre-Capitol Hill Hearing Angst

Following a range-bound weekend, regulatory action and market jitters ahead of the Tuesday hearing of the digital asset subcommittee will test the willingness of buyers.

Skylar Shaw

2023-04-18

7630

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Bitcoin (BTC) increased by 0.03% on Sunday. After losing 0.60% on Saturday, BTC gained 6.94% for the week to $30,286. BTC avoided sub-$30,000 for the third time since May 2022, while it fell short of the peak from Friday 2023.

BTC dropped to a low of $30,103 early in the day as a result of a negative start to the day. Before regaining momentum and reaching a high of $30,623 in the early evening, BTC breached the First Major Support Level (S1) at $30,122. Prior to reversing course and finishing the session at $30,286 BTC broke through the First Major Resistance Level (R1) at $30,505.

BTC Ends the Week Range-Bound with No Influential Crypto Events

The week came to a calm close. Investors had to make decisions based on current regulatory action, US economic statistics, and Fed comments since there were no crypto events to provide guidance.

Friday's hawkish Fed comments probably reverberated into the weekend. Christopher Waller, a member of the FOMC, urged further rate increases to achieve the desired inflation rate. Waller said, "More monetary policy tightening is required. The degree of the tightening lending conditions and new statistics on inflation, the actual economy, and how much further will be determined.

The NASDAQ Composite Index fell on Friday as a result of Waller's remarks, while the dollar rose. Even if the US retail sales statistics were disappointing, raising even more concerns, the market nonetheless reacted favorably to the hawkish remarks.

Additionally, regulatory risk held BTC back from a $31,000 return. Prior to tomorrow's digital asset subcommittee hearing, the market became increasingly anxious as a result of the SEC's change in emphasis to the DeFi area. Gary Gensler, the chairman of the SEC, will probably be questioned by lawmakers about the demise of FTX and the SEC's policy of regulation by enforcement.