From Investing.com:

Jerome Powell, Chairman of the Federal Reserve, has made statements with significant implications for the financial markets, including cryptocurrencies. His caution and “risk management mode” approach indicate a delicate balance as the central bank navigates economic recovery and inflation control. The implications for risk assets like cryptocurrencies are substantial, as interest rate changes can influence the broader market’s risk appetite.

Bitcoin is currently facing resistance at the $42,500 level, with key support at approximately $39,000. A break below this support level could signal a short-term bearish outlook, potentially testing further support near $35,975. A dial-back in policy rates might lead to an increase in risk appetite, potentially driving Bitcoin’s price to retest resistance levels. The next resistance stands near the $42,500 level, and a breach here could see Bitcoin targeting the $46,000 zone.



Read more: Jerome Powell Makes Crucial Comment for Cryptocurrency Market By U.Today