Bitcoin to $27K next? 1-week BTC price highs precede speech by Fed’s Powell
Elsewhere in the days analysis, Rekt Capital acknowledged that $29,000 might make a reappearance and still form part of a wider comedown for Bitcoin.”Its crucial to remember that Bitcoin could technically rally to even as high as ~$29,000 to form a brand-new Lower High (Phase A-B),” he discussed alongside a chart.This article does not contain investment suggestions or recommendations. Every investment and trading relocation includes danger, and readers must conduct their own research when deciding.
BTC rate not out of the woodsCommenting on the state of play on Bitcoin markets, popular trader and expert Daan Crypto Trades was more optimistic about the strength of the days relocation compared with Sept. 27. Source: Daan Crypto Trades/XAn accompanying chart tracked open interest as BTC/USD headed higher.Fellow trader and analyst Rekt Capital on the other hand flagged essential resistance trend lines now in play, with Bitcoin needed to overcome them to effect a more significant trend modification. #BTC is right back at the Bull Market Support Band cluster of moving averages, challenging to breakout beyond them$ BTC #Crypto #Bitcoin pic.twitter.com/c32BiQOwJ5— Rekt Capital (@rektcapital) September 28, 2023
Bitcoin (BTC) hit brand-new weekly highs after the Sept. 28 Wall Street open as markets waited for fresh hints from the United States Federal Reserve.BTC/ USD 1-hour chart. Source: TradingViewBitcoin summons volatility ahead of Powell speechData from Cointelegraph Markets Pro and TradingView revealed BTC price strength staging a resurgence on Sept. 28, having actually delivered what some referred to as a timeless “pump and dump” 24 hours prior.During that performance, highs of $26,823 appeared on Bitstamp due to 2% day-to-day gains before Bitcoin retraced all of its progress.A slower grind greater then took hold, with bulls edging closer to $27,000 at the time of writing.Bitcoin appeared to react well to the newest U.S. macroeconomic data prints. Gdp for Q2 grew by 1.7% year on year– below the projected 2.0%– while Personal Consumption Expenditures (PCE) index information for August lined up with expectations.” Bring on the volatility,” Keith Alan, co-founder of keeping an eye on resource Material Indicators, informed X (formerly Twitter) fans beforehand.Data from the Binance BTC/USD order book submitted by Alan showed little by way of resistance standing in the way of spot price under the $27,000 mark.Marked up #FireCharts to help you see the Weekly/Monthly range for #BTC. pic.twitter.com/LQs8i2rZcV— Keith Alan (@KAProductions) September 28, 2023
Bitcoin (BTC) struck new weekly highs after the Sept. 28 Wall Street open as markets waited for fresh cues from the United States Federal Reserve.BTC/ USD 1-hour chart. BTC price not out of the woodsCommenting on the state of play on Bitcoin markets, popular trader and expert Daan Crypto Trades was more positive about the strength of the days relocation compared with Sept. 27.”Its important to remember that Bitcoin might technically rally to even as high as ~$29,000 to form a brand-new Lower High (Phase A-B),” he discussed alongside a chart.This article does not consist of investment recommendations or recommendations.