The global cryptocurrency market is experiencing losses, with Bitcoin remaining weak around the $22,500 level as investors opt for safer bets ahead of Federal Reserve Chair Jerome Powell’s testimony before Congress. Powell’s remarks are being closely monitored, as any indication of a more hawkish stance on interest rates could cause market volatility. The sustained losses in the cryptocurrency market began after several positive US economic indicators were released, raising concerns about inflation and the possibility of interest rate hikes. The US dollar has been strengthening broadly, intensifying the pressure on the cryptocurrency market. Technical analysis suggests that the BTC/USD pair is presently in a consolidation phase. A breakout from this range would trigger a bullish or bearish market. For investors looking to Buy BTC, a strong movement beyond $22,500 could drive Bitcoin’s price towards $22,800 or $23,250. Conversely, if the support levels at $22,000 or $21,750 are sustained, it could lead to a rebound. Cryptonews has a regular update on the top 15 altcoins to watch in 2023.
