Bitcoin Expects to Retest Record Highs after Powell’s Testimony

Bitcoin Expects to Retest Record Highs after Powell’s Testimony

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 Federal Reserve Chairman’s economic outlook would underpin Bitcoin prices.

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Dovish Fed Chairman

Per his previous statements, Mr. Powell may reiterate the central bank’s commitment to supporting the US economy by keeping benchmark rates at record lows while continuing to purchase at

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