yolowire.com - The price of Bitcoin (CRYPTO: BTC) has pulled back and is once again trading below $90,000 U.S. as traders book profits following a big rally over the past week.
Bitcoin is currently trading at $89,600 U.S. after peaking at an all-time high above $93,000 U.S. in recent days. Analysts say traders are likely taking profits at the end of a dizzying week for cryptocurrencies.
However, comments from U.S. Federal Reserve Chair Jerome Powell may have thrown some cold water on the Crypto rally and led traders and investors to take money off the table.
In a speech to business leaders on Nov. 14, Powell struck a hawkish tone, saying the central bank is in no hurry to lower interest rates.
“The economy is not sending any signals that we need to be in a hurry to lower rates," said Powell, who noted that the U.S. economy and labour market remain strong.
Those comments have reduced expectations for a Fed interest cut at the central bank’s upcoming December meeting. Futures traders are placing odds of a December rate cut at 50%.
Spot Bitcoin exchange-traded funds (ETFs) saw strong outflows of $400 million U.S. after Powell’s comments.
The pullback comes after Bitcoin enjoyed a massive rally over the past week following the conclusion of the U.S. election.
In the last month, Bitcoin’s price has risen from $60,000 U.S. to right around $90,000 U.S. So far in 2024, the largest cryptocurrency’s price has gained 102%.