Bitcoin fails to hold $20K after Powell’s remarks

Bitcoin price is attempting to recapture $20,000 as support failed, the most famous cryptocurrency is trading at $19,045, namely below $19,100 but data still reveals some positive news.

Earlier on Tuesday, markets briefly flashed green as equity markets bounced back from Monday’s pullback, bringing the Bitcoin price back to the long-term falling trendline resistance, which currently resides at $20,100.

Unfortunately for bulls, the positive momentum for stocks and cryptocurrencies rapidly eroded and Bitcoin price gave up a majority of the intraday gains as it slipped back below $19,000.

Bitcoin retreated after Fed Chair Jerome Powell said in a speech Tuesday that the central bank should play a leading role in regulating the issuers of US dollar stablecoins, and floated wider crypto regulation that could impact digital asset wallets. Powell also warned that the focus of stablecoin regulation should be on the impact of these crypto tokens.