Bitcoin (BTC) To Slide Below $20K Amid Strong Economic Data?

While the crypto market is reeling from the uncertainty around Silvergate related liquidity crisis, a series of stronger than expected US macro economic data is showing bearish signs in the stock market.

In addition to strong economic data on various fronts, US Federal Reserve chair Jerome Powell earlier warned that the central bank could raise interest rates on a higher than expected range.

In a latest, US President Joe Biden’s 2024 budget proposal led to fall in stock prices while also bringing down Bitcoin price.

Powell’s recent warning triggered a shift in market expectation ahead of the Federal Open Market Committee (FOMC) meeting between March 21, and 22, 2023.

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