Bitcoin Tumbles Below $77K as Hawkish Fed Chair Comments Spark Selloff
Bitcoin's recent price rally came to an end after a hawkish stance by new Fed Chair James Warsh, causing the asset to dip below $77,000.
The surge that took Bitcoin from under $65,000 to almost $80,000 in just two days last week was halted by resistance at the $80,000 level. Despite initial gains and a 15-week high of $81,500, the bulls were ultimately unable to push past this threshold.
Warsh's comments led to another leg down for Bitcoin, which dropped below $77,000 within an hour. While it has since rebounded slightly, the cryptocurrency is still more than 2% down on the day.
The altcoins followed suit, with many posting daily declines of 3-5%. Ethereum and XRP were among those that fell, with Ethereum dropping to $2,430 after being rejected at $2,500 and XRP slipping below $1.40.