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Market News BTC and $23,000 in the Hands Fed Chair Powell and US Lawmakers

BTC and $23,000 in the Hands Fed Chair Powell and US Lawmakers

With a meeting on cryptocurrency mining and the climate and Fed Chief Powell's statement this afternoon, Bitcoin has a full day ahead of it.

Jimmy Khan

2023-03-07

7810

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Bitcoin (BTC) lost 0.12% on Monday. Bitcoin finished the day at $22,405 after gaining 0.38% on Sunday. While Bitcoin managed to stay above $22,000, it also missed the $23,000 mark for the third session in a row.

Bitcoin fell to an early low of $22,278 during the day's turbulent opening before making a move.

Bitcoin increased to a peak of $22,591 in the middle of the afternoon after avoiding the First Significant Support Line (S1) at $22,201. Bitcoin, however, was unable to surpass the First Significant Resistance Level (R1) at $22,661 and instead retreated to levels below $22,400 before closing the session at $22,405.

Regulation Review and the Nerves of Fed Chief Powell Weighed on Attitude

In terms of the US business schedule, it was a calm day. Better-than-expected US manufacturing orders were ineffective in shifting the market because investors were focused on China's development goals.

Beijing established a 5.0% development goal for China for 2023 on Monday. The markets anticipated a goal of 5.5%, casting doubt on how quickly the economy will recoup after COVID.

The US economy's statistics was also dismal, with manufacturing orders declining by 1.6% instead of the expected 1.8%. Factory sales increased by 1.7% in December. The NASDAQ Composite Index fell 0.11% on Monday as a result of the statistics and a dearth of FOMC talk. The risky commodities were caught off guard by investor prudence prior to Fed Chief Powell's statement.

The crypto news channels, however, strengthened the negative sentiment. Concern will arise over White House knowledge of the Silvergate Bank scandal. The White House demanded more supervision of the cryptocurrency market in February. A retaliatory move from the government in the wake of FTX's demise would be negative for Bitcoin and the larger crypto market.