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.

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.

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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