June 4, 2023

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The crypto market is a very sensitive place, it often trembles, and its movements are hindered by the official comments coming from the regulatory bodies or, in this case, from the Federal Reserve.

Bitcoin, the flagship cryptocurrency, was already having a hard time trying to stay above the most recent support levels but had failed miserably on the task; Bitcoin is now trading a little low side of the $20K price range, which is not ideal, to say the least. It was expected for some days now that the bearish movement would be over and corrections would stop to give way to the bullish movement, but nothing of the sort has happened.

A $750 increase in the price of Bitcoin was welcomed when it pumped the price all the way to $21K, just a few hundred dollars shy of $21K, but the price of Bitcoin has taken a reversal since that because of the recent comments made by the Fed chair Jerome Powell, he said that the Fed is going to tighten the financial economy to fight off inflation and to put the wrongdoings of the crypto market at rest by bringing the whole market under the regulatory oversight of the concerned authorities.

Fed’s Comments Make Bitcoin’s Price Freefall

A few hours later, due to the comments of Jerome Powell, Bitcoin retreated to $20K, and the sentiment of the investors turned negative towards the cryptocurrency.

The greed and fear index still shows fear among the investors that means that no new price movements will come to pass if the situation remains the same for the flagship cryptocurrency. The comments of the Fed on inflation and the dismissible role of crypto in it have truly hurt the price momentum of Bitcoin, the flagship cryptocurrency.

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At present, the chart of Bitcoin is not showing any signs of reversal, and there is only a negative trend across the board, which is not ideal for the flagship cryptocurrency in no shape or form. The probabilities conducted by the crypto analysts also point towards the direction of Bitcoin losing its value more ferociously in the imminent future.

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