.jpg)
In a week marked by anticipation and economic turmoil, the cryptocurrency market has had a rollercoaster ride as Bitcoin’s price rose and fell in response to Federal Reserve Chairman Jerome Powell’s remarks at the Jackson Hole Economic Symposium.
Bitcoin Price Rises on Powell’s Dovish Comments
Paul comments The central bank struck a dovish tone, suggesting that the central bank is open to further interest rate cuts in the coming months to address a potential slowdown in the labor market. This stance was positive for Risky assets Like Bitcoin, it indicates a more accommodative monetary policy stance from the Federal Reserve.
Related reading
Indeed, Bitcoin quickly broke through the $62,000 barrier, a level not seen in more than a week, as investors reacted positively to Powell’s comments. However, the rally was short-lived, as the price later retreated to around $60,800. According to According to cryptocurrency analyst Inspo Crypto, Bitcoin is now facing a critical juncture:
We have to wait and see if Bitcoin settles below $61,000 again or heads towards the lower end of the ascending channel, which is located at $60,000. If this level is broken, we still have a safety net at $59,500. However, if Bitcoin stays above $61,000 and the selling pressure eases, it could be an interesting weekend, and above all a bullish one.
Key indicators turn positive
Another analyst, Rect Capital, noted that the price of Bitcoin still lacks Daily closing Above $62,000, which would be necessary to confirm the continuation of the recent recovery in prices.
However, Rect Capital Proposed Bitcoin is expected to form a bullish flag pattern, similar to the one seen in early March 2024, which could allow a move towards $65,000 or higher over time.
Market Expert Ali Martinez Spotlight Positive development, noting that the Bitcoin bullish and bearish market indicator has turned bullish again after oscillating between bearish and bullish territory since early August.
Martinez suggests that this would further strengthen the case for continuing Price refund Bitcoin prices have seen a sharp decline over the past two weeks after briefly falling to a six-month low of $49,000 earlier this month.
Related reading
Looking to the future, Martinez has It has been identified. There are two important resistance levels to watch for Bitcoin: $64,045 and $66,250. According to Martinez, if the cryptocurrency can hold the support at $60,365, a move towards these higher price points could be on the cards.
https://www.tradingview.com/x/V0tMHEUY/
For now, Bitcoin appears to have stabilized around $61,600 after a notable spike in volatility minutes after Powell’s speech. CoinGecko Data It appears that the largest cryptocurrency in the market is still up 2% in the 24-hour time frame.
It will be important to watch the price at which BTC closes today, as it will be important to gauge the price action in the coming week before the expected monthly close.
