The Block Inc (ASX: SQ2) share price is down by 5.7% as investors sell BNPL stocks following the latest rate increase from the US Fed. Last year, Block acquired Afterpay, and the company is dual-listed in Australia and the United States. BNPL companies like Block are sensitive to the higher interest rate environment, which affects their growth potential, especially those priced with future earnings in mind. Higher rates increase the cost of money and servicing the company's debts. Additionally, they may lead to an increase in bad debts from stressed customers. Furthermore, regulators debate new regulations for the pay-by-installment sector that could subject BNPL companies to the same rules credit card companies adhere to. The technical summary data recommends buying Block shares slightly above 73.89, its support level. Buyers should consider setting a stop loss at 73.68 to protect against excessive losses. There are currently no resistance levels from the summary table, and therefore, short resistance plans are not advisable. Swing trading plans suggest buying or short-selling Block shares slightly over support or resistance levels, respectively, with stop-losses set at zero.