BTC Price Forecast
Bitcoin stays below $112k ahead of Powell speech. BTC is down 3% in the last 24 hours, trading at around $111,200 per coin.
The bearish performance is due to the rising US-China trade conflict, with expected further volatility in the market. Additionally, spot Bitcoin Exchange Traded Funds (ETFs) recorded an outflow of over $320 million on Monday.
Fed chair Jerome Powell is set to speak, with market participants focusing on the event, which could spark fresh volatility across risk assets, such as Bitcoin. Investors are looking for hints on a possible interest rate cut later this month.
Author's summary: Bitcoin price drops below $112k.
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