Bitcoin Price Prediction as Bulls Keep BTC Above $22,000 Support – This is Where BTC Is Heading Now

cryptonews.com:

Bitcoin continued to experience a downward trend, remaining weak near the $22,500 level, as investors opted for safer bets in anticipation of Federal Reserve Chair Jerome Powell's testimony before Congress. 

It is worth highlighting that investors are closely monitoring Powell's remarks since any indication of a more hawkish stance on interest rates could aggravate market volatility, particularly in the cryptocurrency sector.

However, the sustained losses in the cryptocurrency market began after a series of positive US economic indicators were released, indicating that the economy is gaining strength and that the country no longer requires government support in the form of low-interest rates. 

Consequently, traders and investors grew anxious about inflation and the possibility of interest rate hikes.

 The global cryptocurrency market has been experiencing losses this week, dropping from $1.11 trillion last week to $1.03 trillion as of early Tuesday. Bitcoin (BTC), the first and most well-known cryptocurrency, has been unable to arrest its decline and has fallen significantly below the $23,000 mark.

In addition, other popular cryptocurrencies such as Dogecoin (DOGE), Litecoin (LTC), Ripple (XRP), and others have also experienced minor losses. This is due to investor caution about investing in riskier assets, given the upcoming testimony before Congress by Federal Reserve Chair Jerome Powell.

Another factor that has been exerting pressure on the cryptocurrency market is the bullish US dollar. The US dollar has been strengthening broadly, with gains seen on Tuesday in anticipation of the upcoming testimony before Congress by Federal Reserve Chair Jerome Powell.

It is important to note that market participants will be closely