Bitcoin Tumbles as Fed Chair Warns of Prolonged High Interest Rates

Bitcoin's price fell by 1.91% in the last 24 hours to $77,656.37, following concerns raised by Fed Chair Kevin Warsh during his speech at Jackson Hole about prolonged high interest rates.

The decline was amplified by significant Bitcoin liquidations worth $141.57 million, with a substantial portion of those being long positions totaling $120.07 million.

Analysts believe that if Bitcoin fails to hold its current support range of $75,000-$76,000, it could potentially drop to $70,000.

Investors will be keeping a close eye on upcoming U.S. PCE inflation data for any clues about the next policy move.