Bitcoin continued to fall, keeping sluggish near the $22,500 level, as investors sought safer bets ahead of Federal Reserve Chair Jerome Powell’s hearing before Congress.

It is important to note that investors are paying close attention to Powell’s comments since any sign of a more hawkish stance on interest rates might increase market volatility, especially in the space of cryptocurrencies.

The prolonged losses in the cryptocurrency market, however, started following the publication of a number of encouraging US economic figures, showing that the economy is strengthening and that the nation no longer needs government support in the form of low interest rates.

As a result, dealers and investors became concerned about inflation and the potential for interest rate increases.

Today’s Bitcoin Price

DATE	BTC	USD
Today	01	$ 22,047.67

Bitcoin Price Prediction

The current Bitcoin price is $22,400, with a $16 billion 24-hour trading volume. In the last day, Bitcoin has decreased by 0.25%. With a $432 billion live market worth, Bitcoin is currently the market leader.

According to technical research, the BTC/USD pair is currently consolidating, with trade taking place in a constrained range between $22,000 and $22,500. If this range is broken, whether to the upside or downside, there might be a substantial price change in the Bitcoin market.

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A bullish breakout that pushes the price of bitcoin towards the $22,800 or $23,250 levels may occur if the BTC/USD pair breaks the $22,500 barrier. On the other hand, a rebound can occur if the support levels at $22,000 or $21,750 are maintained.

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