Bitcoin Expects to Retest Record Highs after Powell’s Testimony

Bitcoin Expects to Retest Record Highs after Powell’s Testimony
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Bitcoin Expects to Retest Record Highs after Powell’s Testimony

Bitcoinist.com1 week ago
Published on February 23, 2021 08:41 GMT+0edited on February 23, 2021 09:01 GMT+0

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Key Bitcoin Talking Points:

  • Rising inflation hopes, depressed real rates, and a beaten US dollar may underpin Bitcoin prices in the sessions ahead.
  • Holding the 20-day simple moving average as support could trigger the upside bias.
  • Meanwhile, an extended downside correction could also let the market retain its long-term bullish sentiment.

Bitcoin fell by almost 20 percent after touching its record high of $58,367 on Sunday as traders decided to secure their profits against the US economy’s recovery prospects.

Nevertheless, the top cryptocurrency expects to recover in the sessions ahead—probably even reclaim its previous peak—as Jerome Powell attends his semi-annual monetary policy testimony before the Congress on Tuesday and Wednesday. Savvy crypto investors believe that the …