Bitcoin, the biggest cryptocurrency globally in terms of market capitalization, experienced a notable decrease in worth, dropping to $59,889 on April 17 following Powell's remarks on interest rates.

Powell's suggestion that interest rates will not likely decrease soon worried investors and contributed to the temporary fall in Bitcoin's price.

The price change highlights how the cryptocurrency market is affected by larger economic concerns and decisions made by central banks.

After the brief drop below $60,000, Bitcoin promptly bounced back, climbing to over $60,300 shortly after the decline, and was trading at $61,270 at the time of writing.

This quick recovery showcases the resilience of Bitcoin against short-term market swings. Data from the perpetual futures market shows around $15.54 million in liquidations between 12:00 p.m. ET and 1:00 p.m. ET on April 17, with both long and short positions contributing to market activity.

The 24-hour Bitcoin trading volume dropped by 7.19% to $41.71 billion, while the market cap decreased by 1.94% to $1.21 trillion.

As Bitcoin deals with price fluctuations, the upcoming halving event on April 19 adds further anticipation to market movements.

The halving will reduce mining rewards from 6.25 BTC to 3.125 BTC, affecting Bitcoin's supply schedule significantly. Only 2 million bitcoins remain in reserves, and they could be used up within nine months.

Despite external factors influencing Bitcoin's price, such as central bank policies and market sentiment, the cryptocurrency's underlying strengths remain solid. Investors are closely watching Bitcoin's performance as the halving event nears.