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

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.

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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.

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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.

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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.

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