Bitcoin moved below the $22,000 level on August 8 as the market continued to react to the testimony of US Fed Chairman Jerome Powell. Powell stated before the Senate Banking Committee that he expects interest rates to be higher than initially expected. Ethereum also fell on the news.
Bitcoin
In a speech yesterday, Powell said that “the final level of interest rates is likely to be higher than previously expected.”
BTC/USD fell to a low of $21,964.99 in today’s session after reaching a peak of $22,421.42.
This move occurred after breaking through a key support point at $22,300 and coincided with the Relative Strength Index (RSI) falling from a bottom of 42.00.
At the time of this writing, the index is hovering at 40.36, with a lower limit of 38.00 a possible bear target.
Reaching this support point wouldlikely result in BTCtrading near the $21,600 mark.
Ethereum
also in the red, but the drop in Ethereum (ETH) was much milder than that.
Following a high of $1568.23 on Tuesday,ETH/USD moved modestly to a low of $1543.13 during today’s session.
As a result of this move, Ethereum briefly broke out of its historic support area of $1,550 earlier in the day.
Currently,ETHis back above this point, trading at $1,557.87, with the RSI hovering above its recent deck.
At the time of this writing, price strength is at 43.54, which is above the 43.00 floor that has been in place since February 13.
If this level holds,the bulls at ETHwill likely try to buy more price dips this week.
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