Bitcoin to $27K next? One-week BTC price highs precede Fed’s Powell
In other places 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 important to keep in mind that Bitcoin could technically rally to even as high as ~$29,000 to form a brand-new Lower High (Phase A-B),” he discussed along with a chart.This article does not contain financial investment recommendations or suggestions. Every investment and trading relocation includes risk, and readers should conduct their own research study when making a decision.
Bitcoin (BTC) hit brand-new weekly highs after the Sep. 28 Wall Street open as markets awaited 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 showed BTC price strength staging a comeback on the day, having delivered what some described as a classic “pump and dump” 24 hours prior.During that performance, highs of $26,823 appeared on Bitstamp as the outcome of 2% day-to-day gains prior to Bitcoin retraced all of its progress.A slower grind greater then took hold, with bulls edging more detailed to $27,000 at the time of writing.Bitcoin appeared to respond well to the latest U.S. macroeconomic information prints. GDP for Q2 grew by 1.7% year on year– listed below the forecasted 2.0%– while Personal Consumption Expenditures (PCE) index data for August can be found in line with expectations.” Bring on the volatility,” Keith Alan, co-founder of keeping an eye on resource Material Indicators, told X subscribers beforehand.Data from the Binance BTC/USD order book uploaded by Alan showed little by way of resistance standing in the method 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
The macro data constituted just the prelude to the days main occasion, on the other hand, with Jerome Powell, Chair of the Federal Reserve, due to comment later on.Powell, whose current words stopped working to deliver obvious volatility to crypto markets, was because of speak at the Feds “Conversation with the Chair: A Teacher Town Hall Meeting” event in Washington, D.C. at 4pm Eastern time.BTC cost not out of the woodsCommenting on the state of play on Bitcoin markets, popular trader and expert Daan Crypto Trades was more positive around the strength of the days move compared to Sep. 27. Related: Bitcoin halving to raise efficient BTC mining expenses to $30K” Back to yesterdays highs however with significantly less Open Interest,” he kept in mind. “No doubt theres longs chasing after here but its less frothy than it was yesterday. Would still like to see longs relax to not get a full retrace later on.” BTC/USD chart with open interest data. Source: Daan Crypto Trades/XAn accompanying chart tracked open interest as BTC/USD headed higher.Fellow trader and analyst Rekt Capital meanwhile flagged crucial resistance trend lines now in play, with Bitcoin required to overcome them to effect a more substantial trend change. #BTC is right back at the Bull Market Support Band cluster of moving averages, challenging to breakout beyond them$ BTC #Crypto #Bitcoin pic.twitter.com/c32BiQOwJ5— Rekt Capital (@rektcapital) September 28, 2023