Bitcoin Slips Below Critical Support The value of Bitcoin (BTC-USD) tumbled by 6.1% over the last seven sessions following another 75-basis point interest rate hike undertaken by the United States Federal Reserve. Experts predict further downward momentum for the flagship cryptocurrency and the broader market as Fed Chair Jerome Powell hints toward another significant hike before the end of 2022. The selling pressure is echoed by the latest on-chain data from CryptoQuant, indicating a consistent increase in exchange reserves over the last seven days, which traditionally exhibit an inverse correlation with prices.
