After a few days below the mid-range in the $50,000 zone, Bitcoin has retraced. At the time of writing, BTC trades at $54,137 with sideways movement in the 1-hour chart, approaching correction levels in the 24-hour chart. Certain indicators point to more depreciation, at least, in the short term.
BTC with moderate losses in the daily chart. Source: BTCUSD Tradingview
The crypto market appears to be negatively reacting to statements from the U.S. Secretary of Treasury, Janet Yellen. The top 10 cryptocurrencies by market cap are in the red except for Dogecoin (DOGE) with a 30% profit in the daily chart and Litecoin with a 3.1%, at the time of writing. In the traditional market the hit was just as painful, according to Holger Zschhaepitz:
OUCH! Stocks tumble and Fear Index Vix jumps amid Tech Rout on Yellen’s rate remarks. Treasury Secretary Janet Yellen said rates may have to rise at one point to stop an econ overheating.