Bitcoin falls below $70,000 as selling picked up after Powell

Traditional markets are closed today but bitcoin continues to tick over. Crypto often offers a view into risk sentiment and the 2% fall in BTC today might indicate some bearishness creeping in, particularly as the selling accelerated after Powell’s comments in San Francisco.

The Fed Chairman mostly stuck to the recent script.

“The economy is strong, we see very strong growth,” he said, adding that risks are two-sided and that they will be watching data. Notably, he didn’t highlight that the Fed plans to cut rates this year as he previously had; though he wasn’t asked directly about it.

BTC was trading right at $70,000 before the comments and fell afterwards, though some of that might have been stops as the big figure and the European lows gave way.

For what it’s worth, I don’t think this move in BTC means too much, given where liquidity is and the size of the move (which is entirely within the range of the past 4 days).