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Data from TradingView shows that Bitcoin price underwent a bit of a whipsaw in response to the announcement, with the top crypto spiking to an intraday high of $18,377 only to plunge to a low of $17,663 in a matter of hours before bulls bid it back to support above $17,800.
While the market initially responded positively to the announcement from Powell, a more hawkish stance emerged as the Fed chair elaborated on the central banks perspective, which prevented Bitcoin from reaching Poppe’s $18,600 target.
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