BTC closes in on $20,000, ETH at 1-month low to start the weekend.
Bitcoin was trading close to $20,000 to start the weekend, as traders reacted to comments from U.S. Fed Chair Jerome Powell during Friday’s Jackson Hole summit. Powell warned that “there will be some pain ahead,” as the Fed attempts to bring the rate of inflation down. Ethereum was below $1,500 on Saturday.) was trading lower for a second consecutive session, as the token dropped below $21,000 to start the weekend.
Following a high of $21,804.91, bitcoin moved closer to the $20,000 level, falling to an intraday low of $20,020.94. The move comes as comments from United States Fed Chair Jerome Powell sent shockwaves through global financial markets.Powell warned that, “there will be some pain ahead” in upcoming months, as the central bank continues its battle with inflation.failed to sustain a breakout of its $21,600 resistance level.
Prices then went on to fall below another key level, this time at support of $20,800, on the way towards today’s low. As of writing, the sell-off has marginally eased, however bitcoin continues to hover around what seems to be an interim floor of $20,200.
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