Bitcoin Retracts After Powell Comments as Privacy Coins Surge: Market Analysis

Bitcoin (BTC) has given back a portion of its recent gains, which were initially spurred by comments from Federal Reserve Chair Jerome Powell. This pullback occurs amidst a notable rally in privacy-focused cryptocurrencies. Monero (XMR) and Zcash (ZEC) are among the top performers, significantly outpacing the broader market. Analysts are observing this rotation as traders potentially seek assets perceived as non-correlated to traditional macro cues. The overall crypto market capitalization remains in a consolidation phase, with investors closely monitoring regulatory developments and macroeconomic indicators for the next directional move. Key levels for Bitcoin are now seen as support near $67,000 and resistance around $72,000.