Analysis: Powell's speech on Monday and Friday's non-farm payrolls data may affect the future trend of the crypto market

Odaily News reports that Rachael Lucas, a crypto analyst at BTC Markets, said, "Bitcoin appears to be overbought on the daily chart, with the price starting to decline after reaching a high of $66,498 last Friday, and the momentum has weakened since last week." Lucas pointed out that Ethereum is also facing the challenge of regaining momentum, as it lost momentum after breaking above the 50-day simple moving average last week. According to The Block's Ethereum price page, Ethereum fell 1.69% in the past 24 hours, currently trading at $2,626. At the same time, investors are focusing on two key macroeconomic events this week: a speech by Federal Reserve Chairman Powell on Monday at the National Association for Business Economics, and the U.S. nonfarm payrolls report to be released on Friday. Lucas said, "Powell's remarks, particularly on inflation and interest rates, often impact the market, and cryptocurrencies are no exception. Any hawkish tone could further exacerbate risk-off sentiment, leading to today's decline."