Bitcoin Dips to $42.4K as Fed's Powell Pours Cold Water on March Rate Cut
Summary
Bitcoin and other cryptocurrencies dropped as Federal Reserve Chair Jerome Powell's comments dampened expectations of an imminent rate cut. The Fed left its benchmark rate unchanged, leading to a decline in crypto and traditional markets. Analysts now anticipate rate cuts in May or June, reducing the likelihood of a March cut to 34.5%. Bitcoin's downside movement may be limited, with key support levels at $42,000 and below $40,000.
