Bitcoin declines below $20,000, extending second weekly retreat

Bitcoin declines below $20,000, extending second weekly retreat

Cryptocurrencies mirrored global markets and declined after Jerome Powell warned against prematurely loosening policy, with Bitcoin dipping below the bottom end of the narrow range that it has traded in the past two weeks.“Powell’s admission that there will be pain before there is relief is rather hawkish,” said Josh Olszewicz, head of research at digital asset fund manager Valkyrie Investments.The largest cryptocurrency by market shed as much as 3.4 percent to $19,947.32 on Saturday as of 2:40 p.m. in Singapore, dipping below $20,000 for the first time since July 14 and extending its rout this year to 57 percent. It has traded in a range between that level and about $22,000 for the past week.For the latest headlines, follow our Google News channel online or via the app.Ether slid as much as 5.5 percent to $1,471.41. Solana and Avalanche fared worse, dropping as much as 6.4 percent and 6.9 percent.Even so, some analysts say that the recent trading pattern presents a buying opportunity.Onchain metrics “signal that the price is at the accumulation zone,” which has been historically market bottom formations and value investing, CryptoQuant said in a report Thursday.“Friday’s break looks important and negative in the short run but should