Major cryptocurrencies are down on Wednesday amid Federal Reserve Chair Jerome Powell commenting on the state of the economy.

Major cryptocurrencies were trading lower on Wednesday, as Federal Reserve Chair Jerome Powell’s prepared remarks on the state of the economy had traders taking notice.

Here’s what happened, and what else to know:

What Happened

Bitcoin (CRYPTO: BTC) was seen trading lower by 1.44% over a 24-hour period, according to Benzinga Pro on Wednesday evening. The world’s leading cryptocurrency was trading at $84,342.04 at the time of writing.

Among other notable statistics:

Notable Developments

Crypto analyst MaxBecauseBTC noted that Bitcoin was approaching a major trend shift, with buyers beginning to step in at current levels.

If the price can flip the zero line, he anticipates an upward breakout, but key confirmation is still pending.

Crypto markets are staging a modest rebound, according to analytics firm Santiment.Bitcoin is now hovering at the $85K level and has been repeatedly testing that tier.

The market intelligence platform is cautiously optimistic for a potential push toward $90K, although broader moves will hinge on evolving tariff developments and global macro.

Technical analyst Kevin highlighted a potential inverse head and shoulders pattern forming on the Bitcoin chart, a typically bullish signal in calmer environments.

However, current macro headwinds, particularly around trade tariffs, are clouding sentiment and delaying conviction.

Meanwhile, Blockchainedbb noted that Bitcoin is holding strong around the $85K zone, and it’s not an ideal time to short.

She anticipates some choppy, sideways price action through Wednesday, and early short positions could get liquidated. Stay on the sidelines and await clearer signals.

Top Gainers (24 Hour)

The Biggest Movers:

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