Morning Crypto Briefing: Bitcoin (BTC) Recovers $20K Handle Following Weekend Turmoil

Powell was keen final week to emphasize that the Fed will do whatever it takes to bring inflation in the US again underneath control, even when which means tolerating a better unemployment rate (which might sometimes come about because of a recession). A break above these levels might open the door to an extension of recent upside towards the subsequent key areas of resistance around $45 and $48. On Saturday, Bitcoin led a market-extensive sell-off because it cratered from highs within the higher $20,000s to lows beneath $18,000, its worst levels since December 2020. Nevertheless, the world’s largest cryptocurrency by market capitalization swiftly recovered on Sunday amid apparent dip-buying and is on Monday altering hands in the mid-$20,000s once again, in step with its pre-weekend promote-off levels once once more. At present levels, BTC/USD is up an impressive 15% versus weekend lows. 0.50, up about 18% versus weekend lows.

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