Bitcoin Drops After Reaching $66,498 High Amid Market Worries and Fed’s Upcoming Remarks

COINOTAG reported on September 30 that BTC Markets crypto analyst Rachael Lucas commented on the current state of Bitcoin and Ethereum. Lucas remarked, “Bitcoin appears to be overbought on the daily chart, and its value has started to decrease after peaking at $66,498 last Friday. The momentum has faded since the previous week.” Lucas also highlighted that Ethereum is struggling to regain its momentum after breaking past the 50-day simple moving average recently. Ethereum experienced a 1.69% drop in the last 24 hours, trading now at $2,626.

Investors are also closely monitoring two significant macroeconomic events this week: a speech by Federal Reserve Chairman Powell to the National Association of Business Economics on Monday, and the release of the U.S. non-farm payrolls report on Friday. Lucas added, “Powell’s comments, especially those concerning inflation and interest rates, usually have a broad market impact, and cryptocurrencies are no exception. A hawkish stance could increase risk aversion, amplifying today’s market decline.”