Bitcoin Price Breaches $62,000: Market Reacts To Powell’s Speech

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,351,703,363,566	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,351,703,363,566

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-847.44	-1.22%	68,461.76	68,461.76	68,461.77

Price Change

Price Change %

Current Price

Bid Price

Offer

-847.44

-1.22%

68,461.76

68,461.77

High Price	Low Price	Open Price	Prev. Close	52 Week Range
69,364.65	67,833.00	69,321.82	69,309.20	34,100.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

69,364.65

67,833.00

69,321.82

69,309.20

34,100.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	04:23:55	0.000221	68,461.76	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

04:23:55

0.000221

68,461.76

USD

Price x Volume	Volume	Base Symbol	Related Pairs
169,647,762.35	2,477.08	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

169,647,762.35

2,477.08

Bitcoin Price Breaches $62,000: Market Reacts To Powell’s Speech

23/08/2024 5:33pm

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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