Bitcoin (BTC) trades in line with U.S. equities, briefly dropping below $21,000. Analysts say price slide puts bears in control ahead of Fed's Jackson Hole symposium. LedesmaLyllah and godbole17 report in First Mover by CoinDesk Markets
Bitcoin's drop has broken technical charts and revived the bearish trend, according observers.
According to David Duong, head of institutional research at Coinbase, bitcoin's daily technical chart has flipped bearish and the cryptocurrency could continue to lose ground in the short term. "Powell will likely try to take a more measured approach in Wyoming and emphasize that the tightening cycle isn't over yet," Duong noted. The Fed's monetary tightening has roiled the cryptocurrency market this year.
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