Bitcoin’s Price Slips Ahead Of Powell’s Speech – Crypto Stocks and Altcoins Extend Losses

The cryptocurrency market was down more than 4% in U.S. pre-market hours, with Bitcoin’s (BTC) price slipping to $102,000 ahead of Federal Chair Jerome Powell’s remarks, scheduled for before the opening bell. 

Bitcoin’s price fell more than 1.7% in the last 24 hours, according to CoinGecko data. Ethereum’s native token, Ether (ETH) continues to trade above the $2,500 psychological support threshold but has fallen 2.2% for the day. 

Among the top 10 cryptocurrencies by market capitalization, Ripple’s native token (XRP) and Solana (SOL) dropped more than 5.5% each, while Dogecoin (DOGE) was down 4.5% and Cardano (ADA) slipped 5.8%. 

The pullback follows favorable macroeconomic developments, like softer U.S. inflation figures than expected, strong earnings from Chinese tech giants, and momentum in trade negotiations between the U.S. and other countries, including a 90-day tariff truce between the U.S. and China announced earlier this week. 

The Crypto Fear & Greed Index, a gauge of market sentiment, was at 70 in U.S. pre-market hours, signaling potentially overbought conditions. 

According to Standard Chartered, Bitcoin could hit $200,000 by the end of the year, while VanEck estimates that the apex cryptocurrency will reach at least $180,000. 

BarChart data shows Bitcoin encountering resistance at $104,000 while support levels extend down to $100,800.

Crypto-linked stocks were in the red during pre-market trade. Strategy (MSTR) stock, known for being a Bitcoin proxy, slipped 1.3%, while miners like Marathon (MARA) and Riot Platforms (RIOT) were down nearly 3%. 

Bitcoin’s price has gained nearly 20% over the past 30 days but remains 6% below its all-time high of nearly $109,000, which it hit in January. 

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Read also: S&P, Dow Futures Slip With Nasdaq’s Rally Set to Snap Ahead Of Powell Speech And PPI Data

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