The data taken from Cointelegraph Markets Pro and TradingView revealed that BTC/USD was moving within a range the last week.
The pair was unable to come to terms when Fed Chairman Jerome Powell delivered economic policy information at an interview with the Wall Street Journal’s Future of Everything Festival.
“I don’t know if financial conditions have tightened more than this in a very long time,” the economist stated to the paper’s chief economist reporter, Nick Timiraos, in an interview.
Powell confirmed that the key rate of 50 basis points increases would be continued in the subsequent sessions of the Federal Reserve’s Federal Open Markets Committee (FOMC) and could eventually reach “neutral” levels in Q4. However, the hikes following that may continue if needed to reduce inflation further.
Since traditional markets were already pricing in this scenario, the risk of volatility was a bit lower because Powell was able to avoid surprises.
The BTC/USD pair saw a short drop to $29,500 before regaining the value after Powell’s remarks. Risk assets are set for a difficult time as tightening in the financial sector continues, yet, crypto market experts were not able to provide very positive reports.
A growing number of traders are, as sources recent reports, prefer a move lower than the $23,800 lowest recorded this week during the peak of “terra” (LUNA) and TerraUSD (UST) implosions.
“Bottoms take time to form, so do not expect it within the next day or two,” trader Crypto Tony said to his followers on Twitter at the time:
“We’ll probably find support, bounce for some respite, catch late shorts, and keep the trend going.”