Hawkish Fed comments result in sideways price action for the crypto market

- There was a pullback in activity across the cryptocurrency market on Wednesday as crypto traders took stock of the hawkish tone coming from the Federal Reserve regarding interest rates and what it means for the short-term health of digital assets.

Data provided by TradingView shows that Bitcoin bears managed to breach below the $22,000 support level in the early trading hours on Wednesday before bullish reinforcements arrived to bid it to a daily high of $22,270 near midday. BTC price has since retraced back to support near $22,000.

According to analysts at Eight Global, the main takeaway from the recent comments from Powell is that the Fed is struggling to get inflation under control, which means the current policy is not paying off.

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Premarket: Asian stocks sink, U.S. dollar buoyant after hawkish Powell commentsIn testimony before Congress Tuesday, the Federal Reserve Chairman raised the possibility of the U.S. central bank returning to large rate hikes to tackle sticky inflation
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