Bitcoin Drops Below 200-Day Average, Brings Bull Market Trendline Into Focus

“We believe hawkish comments from Jerome Powell and the ongoing selling pressure are likely to push BTC down to 52,000,” Valentin Fournier, a digital assets analyst at advisory firm brn, said in an email. “However, we recommend viewing this as a buying opportunity, as improving regulations around cryptocurrencies and cooling inflation in the US have not been fully priced in and are likely to bring strong momentum once investors shift focus to a longer-term vision.”