After the recent speech by US Federal Reserve chairman Jerome Powell, there was a price firework on the stock market, from which Bitcoin also benefited. As a result, the BTC price has climbed to over $17,000. At press time, Bitcoin was trading at $16,982. However, the joy could not last long. The price is currently just bobbing along at the level reached. In the meantime, there are even signs of a slight downward trend again. In the 1-hour chart, investors should keep an eye on four levels. A fall below $16,727 could mean an erosion of the recent Powell gains. On the other side, a rise above the $17,250 level would clear the path towards the $17,800-$18,000 area. Did The Market Misinterpret Powell? The reaction of the Bitcoin market is actually also logical. Since the last meeting, Fed officials have repeatedly defended the restrictive monetary policy and demanded its continuation. That Powell now said that “the time for moderating the pace of rate increases may come as soon as the December meeting” was a surprise. Still, the market overheard the ..
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