President Trump on Friday announced Kevin Warsh as his nominee to succeed Jerome Powell as Chair of the Federal Reserve, yet Bitcoin (CRYPTO: BTC) plunged below $83,000 on the news.
Technical analyst Kyledoops said a Warsh-led Fed would fundamentally change how markets interpret policy signals, given his reputation as an inflation hawk and strong-dollar advocate.
“If Warsh even hints at easing, it would be taken as genuinely meaningful,” Kyledoops noted, adding that such signals could reprice the dollar, yields, risk assets and Bitcoin.
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He emphasized that markets trade perception as much as policy, and leadership often shapes that narrative.
Trump’s announcement appeared to cool expectations of rapid rate cuts.
The dollar spiked one the news, while precious metals and crypto moved sharply lower.
Crypto analyst Kevin said Bitcoin’s 2-day 200 EMA and SMA have historically acted as critical bull-market support.
In prior cycles, BTC repeatedly retested and held these levels during major corrections before resuming higher.
However, once decisively lost, those moving averages tend to flip into strong resistance.
In the current cycle, Bitcoin has broken below the 2-day 200 EMA and SMA, staged a roughly 21% to 22% countertrend rally, and was sharply rejected in the heavy resistance zone between $95,500 and $106,800.
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Kevin said this closely mirrors previous cycles, where failure to reclaim these averages marked a shift into a more aggressive bearish phase.
A breakdown below the $79,000 to $80,000 support range would confirm a higher-timeframe downtrend and open the door to a move toward $75,000 to $70,000, he said.
Momentum and money-flow indicators remain weak, with declining spot volume and reduced whale participation, further limiting the probability of a sustained upside move in the near term.
Image: Shutterstock
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This article Trump Announces Kevin Warsh As Fed Chair Nominee—Why Did Bitcoin Dump To $83,000? originally appeared on Benzinga.com
