Hawkish Powell sends BTC back to 2017 highs

The crypto market saw yet another downward push this week, leading BTC to retest the 2017 peak of $19,500 over the weekend. BTC is now trailing in the lower end of its 2,5-month-long consolidation range, declining 4% over the last seven days.

BNB has moved in lockstep with BTC seeing losses of 3% in the last week. ETH, on the other hand, has experienced larger swings, albeit in strong correlation with the rest of the market, as ETH seems to carry higher beta. This is likely caused by more leverage in ETH due to the rapidly approaching Ethereum merge.

Link copied to clipboard.