Powell's Speech Could Affect Bitcoin!
Speaking to The Block, Rachael Lucas, a crypto analyst at BTC Markets, noted that Bitcoin is overbought on the daily chart, triggering focus on the upcoming US employment data.
Lucas noted that Powell's comments on inflation and interest rates could significantly affect market sentiment, saying:
“Powell’s comments, particularly on inflation and interest rates, often move markets and crypto is no exception.
Any hawkish tone could further fuel risk aversion, contributing to today's declines.
But if Powell strikes a moderate tone and employment data comes in stronger than expected, it could benefit riskier assets like Bitcoin and Ethereum.”
