US Treasury Secretary Scott Bessent called on the Senate Banking Committee to start confirmation hearings for Federal Reserve chair nominee Kevin Warsh, despite the ongoing Department of Justice (DOJ) investigation into current Fed Chair Jerome Powell. Speaking on Fox News Sunday Morning Futures, Bessent suggested starting the hearings despite Republican Senator Thom Tillis’s objection and waiting for the outcome of Prosecutor Jeanine Pirro’s investigation.
Scott Bessent speaking about Kevin Warsh and Thom Tillis. Source: Fox NewsTillis stated that he aims to protect Fed independence by blocking Warsh’s nomination until the Powell investigation is resolved. The DOJ began investigating Powell with a grand jury subpoena in early January over costs of multi-year renovation projects in Fed buildings and threatened charges. Powell dismissed the investigation as politically motivated. President Donald Trump nominated Warsh to replace Powell on January 30. Although Republicans hold a 13-24 majority in the Senate Banking Committee, Tillis’s opposition could hand the process to Democrats. The confirmation process includes hearings, committee vote, and full Senate approval.
Scott Bessent Pressuring to Accelerate Kevin Warsh Confirmation Process
Bessent’s call increases uncertainty about the Fed’s future monetary policy. Warsh is known for a more hawkish approach and could slow down rate cuts, which may affect risk assets like BTC. Check the impact of Fed policies on the crypto market on our BTC detailed analysis pages.
Technical Details of Jerome Powell DOJ Renovation Investigation
The DOJ’s investigation covers the 2.5 billion dollar renovation tenders in Fed buildings. The subpoena sent to Powell targets allegations of improper spending. Powell called it a “political witch hunt.” This uncertainty is triggering volatility in the markets.
Senator Thom Tillis’s Strategy to Protect Fed Independence
Tillis’s blockade could stall the process despite the Republican majority. Although the committee consists of 13 Republicans and 11 Democrats, single veto power gives Democrats an advantage. This delay could affect the Fed’s March meetings.
BTC Price Rose 15% in the Last 15 Hours with Fed Developments
Bitcoin surged from 60,000 dollars to 68,000 in reaction to the Fed drama. Current price: 70.857 USD (+2.26% 24s). RSI 35.06 indicates oversold signal, but downtrend continues. Supertrend bearish, EMA20: 78.294 USD.
Whale Movement: Garrett Jin Deposits 5,000 BTC to Binance
Binance whale Garrett Jin deposited 5,000 BTC (351 million USD). Is this a short position signal amid Fed uncertainty? It could increase market liquidity. Follow for BTC futures.
BTC Support Resistance Levels and Risk Analysis
Fed confirmation process could fuel BTC volatility. Technical table:
| Level | Price (USD) | Score | Distance | Sources |
|---|---|---|---|---|
| S1 Support | 70.926 | 79/100 ⭐ | -0.29% | Fibo 0.214, Pivot, Ichimoku |
| S2 Support | 65.843 | 71/100 ⭐ | -7.44% | Multiple indicators |
| R1 Resistance | 72.212 | 76/100 ⭐ | +1.52% | Fibo 0.236, Prev High |
| R2 Resistance | 78.962 | 73/100 ⭐ | +11.00% | Ichimoku Senkou B |
Expert opinion: If S1 breaks, drop to S2; if R1 is surpassed, prepare for rally to EMA20. If Fed turns hawkish, BTC could test 65k.
Source: https://en.coinotag.com/bessent-and-warsh-call-for-fed-approval-btc-surges-15
