Bitcoin to $27K next? One-week BTC price highs precede Fed's Powell

1 year ago

Bitcoin (BTC) deed caller play highs aft the Sep. 28 Wall Street unfastened arsenic markets awaited caller cues from the United States Federal Reserve.

Bitcoin summons volatility up of Powell speech

Data from Cointelegraph Markets Pro and TradingView showed BTC terms spot staging a comeback connected the day, having delivered what some referred to arsenic a classical “pump and dump” 24 hours prior.

During that performance, highs of $26,823 appeared connected Bitstamp arsenic the effect of 2% regular gains earlier Bitcoin retraced each of its progress.

A slower grind higher past took hold, with bulls edging person to $27,000 astatine the clip of writing.

Bitcoin appeared to respond good to the latest U.S. macroeconomic information prints.

GDP for Q2 grew by 1.7% twelvemonth connected twelvemonth — beneath the projected 2.0% — portion Personal Consumption Expenditures (PCE) scale information for August came successful in enactment with expectations.

“Bring connected the volatility,” Keith Alan, co-founder of monitoring assets Material Indicators, told X subscribers beforehand.

Data from the Binance BTC/USD bid publication uploaded by Alan showed small by mode of absorption lasting successful the mode of spot terms nether the $27,000 mark.

Marked up #FireCharts to assistance you spot the Weekly/Monthly scope for #BTC. pic.twitter.com/LQs8i2rZcV

— Keith Alan (@KAProductions) September 28, 2023

The macro information constituted conscionable the prelude to the day’s main event, meanwhile, with Jerome Powell, Chair of the Federal Reserve, owed to remark aboriginal on.

Powell, whose caller words failed to present noticeable volatility to crypto markets, was due to speak astatine the Fed’s “Conversation with the Chair: A Teacher Town Hall Meeting" lawsuit successful Washington, D.C. astatine 4pm Eastern time.

BTC terms not retired of the woods

Commenting connected the authorities of play connected Bitcoin markets, fashionable trader and expert Daan Crypto Trades was much optimistic astir the spot of the day’s determination compared to Sep. 27.

“Back to yesterday's highs but with considerably little Open Interest,” helium noted.

“No uncertainty there's longs chasing present but it's little frothy than it was yesterday. Would inactive similar to spot longs chill retired to not get a afloat retrace aboriginal on.”

An accompanying illustration tracked unfastened involvement arsenic BTC/USD headed higher.

Fellow trader and expert Rekt Capital meantime flagged cardinal absorption inclination lines present successful play, with Bitcoin required to flooded them to effect a much important inclination change.

#BTC is close backmost astatine the Bull Market Support Band clump of moving averages, challenging to breakout beyond them$BTC #Crypto #Bitcoin pic.twitter.com/c32BiQOwJ5

— Rekt Capital (@rektcapital) September 28, 2023

Elsewhere successful the day’s analysis, Rekt Capital acknowledged that $29,000 could marque a reappearance and inactive signifier part of a broader comedown for Bitcoin.

“It's important to retrieve that Bitcoin could technically rally to adjacent arsenic precocious arsenic ~$29,000 to signifier a caller Lower High (Phase A-B),” helium explained alongside a chart.

This nonfiction does not incorporate concern proposal oregon recommendations. Every concern and trading determination involves risk, and readers should behaviour their ain probe erstwhile making a decision.

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