{"id":605644,"date":"2023-02-07T12:49:00","date_gmt":"2023-02-07T18:49:00","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/02\/07\/jerome-powell-speech-today-bitcoin-price-drops-pointing-towards-huge-sell-off-ahead\/"},"modified":"2023-02-07T12:49:00","modified_gmt":"2023-02-07T18:49:00","slug":"jerome-powell-speech-today-bitcoin-price-drops-pointing-towards-huge-sell-off-ahead","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/02\/07\/jerome-powell-speech-today-bitcoin-price-drops-pointing-towards-huge-sell-off-ahead\/","title":{"rendered":"Jerome Powell Speech Today, Bitcoin Price Drops Pointing Towards Huge Sell Off AHead"},"content":{"rendered":"
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Today the crypto market has been leaning towards bearish sentiment ahead of Jerome Powell\u2019s speech. This bearish pull was also affected on Crypto related stocks. The world\u2019s first cryptocurrency, Bitcoin<\/a> has lost its crucial resistance of $23K and is now trading around $22.5K.<\/p>\n

At the time of reporting, Bitcoin is selling at $22,900 with a fall of 0.21% over the last 24hrs.<\/p>\n

Jerome Powell\u2019s<\/a> comments have always played a significant role in the financial sector, especially cryptocurrencies. However, as per the US Bureau of Labor Statistics the labor market has witnessed a huge growth where January has recorded the lowest unemployment rate.<\/p>\n

While the retailers await Powell\u2019s speech, the Coinbase Global ($COIN) stock has plunged by 4.50% which suggests that Crypto market will have a bearish moment ahead. Even MicroStrategy Inc ($MSTR) stock has declined 1%.<\/p>\n

Bitcoin Floats Between Bulls And Bears<\/h2>\n

Meanwhile, when looking at Bitcoin\u2019s technical indicators, it suggests that the flagship currency will have a decreased price action as short-term traders enjoy profits. These short-term traders are currently under profit with Spent Output Profit Ratio, hence it is expected that these traders will soon sell their holdings.<\/p>\n

However, analysts are expecting a hawkish approach from Jerome Powell as the unemployment rate has decreased. It\u2019s just last week that the Federal Reserve increased the interest rate by 0.25% after the FOMC\u2019s first meeting of 2023.<\/p>\n<\/div>\n

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Elena R<\/a><\/h3>\n

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing – accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.<\/p>\n<\/div>\n<\/div>\n<\/div>\n

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\n Elena R<\/p>\n","protected":false},"excerpt":{"rendered":"

Today the crypto market has been leaning towards bearish sentiment ahead of Jerome Powell\u2019s speech. This bearish pull was also affected on Crypto related stocks. The world\u2019s first cryptocurrency, Bitcoin has lost its crucial resistance of $23K and is now trading around $22.5K. At the time of reporting, Bitcoin is selling at $22,900 with a […]<\/p>\n","protected":false},"author":1,"featured_media":605645,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[534,2221,3103],"tags":[],"class_list":{"0":"post-605644","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-financial","8":"category-jerome","9":"category-powell"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/605644","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=605644"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/605644\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/605645"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=605644"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=605644"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=605644"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}