The BTCUSDT pair ticked down $0.11 to $41,819 on Monday, January 10. During the European session, price action slid 6.11% to $39,650. The downturn coincided with strengthening of the US dollar and a decline in US index futures. Price action momentarily dipped below the $40k level, but the bulls eventually managed to gain the upper hand, pushing it back up to $42k.
Pressure built on risk-sensitive assets after the FOMC minutes came out. Bitcoin has faced selling for over a week. Buyers defended $40k, but are still vulnerable due to expectations for the Fed’s liftoff in March amid rising UST yields.
The price rebounded 7.51% to $42,628. Yesterday's session closed with a pin bar candlestick. Buyers now have the chance to retrace to $44,500. To resume the uptrend, a confident breakout at $45,500 would be needed.
Participants in various markets await Jerome Powell’s speech before the US Senate Banking Committee at the confirmation hearing for his second term as Fed Chairman. Powell may hint at the timing of the first rate hike. His speech is scheduled for 3 pm GMT.