Bitcoin dips below 30k once more

Last night Bitcoin slipped back below 30k as the Fed chairman talked to the Wall Street Journal, endorsing his view that inflation had to be reined in by a series of 0.50% rate increases. Prior to that the lead cryptocurrency had been holding above 30k, but at the same time it had not been making any headway much beyond that level. The drop back to as low as 29,430 was followed by another attempt on the topside earlier today. Bitcoin did rebound to as high as 30,669, but once again it has not been able to hold the gain and has fallen back in recent trading. The low seen a short while ago was set at 29,730. Since the start of the week the price action has been characterised by a series of higher lows and that could be supportive, provided it does not fall back below 29,430 today. Bitcoin is currently trading at 29,930