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Bitcoin and the crypto market could be at risk after a senior Federal Reserve official warned about the state of the economy and the dangers of cutting interest rates too soon.

Beth Hammack warning on interest rates 
A key driver of Thursday’s market downturn was a statement by Beth Hammack, a senior Fed official, who cautioned that interest rates should remain higher for longer given steady inflation. She said: 

“We have inflation that’s too high and has been trending upwards over the past year. With the information I have, if the meeting was tomorrow, I would not see a case for reducing interest rates.”
Hammack’s statement came at the Jackson Hole Symposium in Wyoming, where Jerome Powell, the Fed Chair, will deliver a closely-watched speech on Friday. In it, he is expected to react to the recent economic numbers on jobs and inflation numbers.

Bitcoin price rising wedge points to a crash 

This pattern, which is shown above in green, is made up of two ascending and converging trendlines. A bearish breakdown normally happens when the two lines are about to converge.
Bitcoin has also formed a shooting star candlestick pattern, which is made up of a small red body and a long upper shadow. Like the wedge, it is also one of the most popular bearish reversal patterns in technical analysis.
Therefore, Bitcoin could be on the verge of a prolonged bear market, which could push it below $90. Such a move would hurt the broader crypto market since altcoins normally follow $BTC .
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