Bitcoin Price Breaches $62,000: Market Reacts To Powell’s Speech
23 August 2024 - 6:33PM
NEWSBTC
In a week marked by economic anticipation and turbulence, the
crypto market experienced a rollercoaster ride as the Bitcoin price
surged and retreated in response to Federal Reserve Chair Jerome
Powell’s remarks at the Jackson Hole Economic Symposium. Bitcoin
Price Rallies On Powell’s Dovish Tones Powell’s remarks struck a
dovish tone, indicating that the central bank is open to further
interest rate cuts in the coming months to address potential
cooling in the labor market. This stance was positive for risk
assets like Bitcoin, as it signals a more accommodative monetary
policy stance from the Fed. Related Reading: Algorand Achieves New
Record With 2 Billion Transactions, ALGO Price Jumps 14% Indeed,
the Bitcoin price rapidly breached the $62,000 mark, a level it had
not seen in over a week, as investors reacted positively to
Powell’s comments. However, the rally was short-lived, as the price
subsequently retreated to around $60,800. According to crypto
analyst Inspo Crypto, Bitcoin now faces a critical juncture:
We have to wait and see if Bitcoin consolidates below $61,000 again
or heads towards the lower end of the upward channel, which is
right at $60,000. If that breaks, we still have a safety net at
$59,500. However, if BTC stays above $61,000 and the selling
pressure eases, it could be an interesting and, above all, bullish
weekend. Key Indicators Flip Positive Another analyst, Rekt
Capital, noted that the Bitcoin price still lacks a daily close
above $62,000, which would be needed to confirm a continuation of
the recent price recovery. However, Rekt Capital suggested
that Bitcoin could form a bullish flag pattern, similar to the one
seen in early March 2024, which could enable a move towards $65,000
or higher over time. Market expert Ali Martinez highlighted a
positive development, noting that Bitcoin’s bull-bear market
indicator has switched back to bullish after oscillating between
bearish and bullish territory since early August. This,
Martinez suggests, could further bolster the case for continuing
the price recovery witnessed over the past two weeks after Bitcoin
briefly dipped to a 6-month low of $49,000 earlier this month.
Related Reading: The Shiba Inu Shibarium Suffers 97.6% Crash In
Active Accounts, What’s Going On? Looking ahead, Martinez has
identified two crucial resistance levels to watch for Bitcoin:
$64,045 and $66,250. According to Martinez, if the cryptocurrency
can maintain support at $60,365, a move toward these higher price
points could be in the cards.
https://www.tradingview.com/x/V0tMHEUY/ For now, the Bitcoin price
seems to have stabilized around $61,600 after the notable spike in
volatility minutes after Powell’s speech. CoinGecko data shows that
the largest cryptocurrency on the market is still up 2% in the
24-hour time frame. It will be important to watch what price
BTC closes the day at, as it will be important to gauge the next
week’s price movement before the expected monthly close.
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