Bitcoin (BTC) reached new weekly highs after Wall Street opened on September 28 as markets awaited new signals from the US Federal Reserve.
Bitcoin calls for volatility ahead of Powell’s speech
During this performance, highs of $26,823 appeared on Bitstamp as a result of 2% daily gains before Bitcoin regained all of its advance.
A slower rally then took over, with bulls approaching $27,000 at the time of writing.
Bitcoin seems to be reacting well to the latest US macroeconomic data.
Second-quarter GDP grew 1.7% year-on-year – below expectations of 2.0% – while personal consumption expenditures (PCE) index data for August came in line with expectations.
“Bringing Volatility,” Keith Allan, Co-Founder of Resource Watch Indicators, Tell X pre-subscribed.
Data from the Binance BTC/USD order book uploaded by Alan showed little resistance standing in the way of the spot price below the $27,000 mark.
– Keith Allan (@KAProductions) September 28, 2023
The macro data formed merely a prelude to the day’s main event, and meanwhile, Jerome Powell, Chairman of the Federal Reserve, is scheduled to comment later.
Powell, whose final words failed to cause noticeable volatility in the cryptocurrency markets, was just as well Because of speech At the “A Conversation with the President: Fed Board Meeting” event in Washington, D.C. at 4 p.m.
BTC price is not out of the woods
Commenting on the state of play in the Bitcoin markets, popular trader and analyst Daan Crypto Trades was more optimistic about the strength of today’s movement compared to September 27.
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“Back to yesterday’s highs but with much less open interest,” he said male.
“There’s no doubt there are longs chasing us here, but it’s less frothy than it was yesterday. I’d still like to see the longs calm down so they don’t get a full correction later.”
The accompanying chart tracks open interest as BTC/USD heads higher.
Meanwhile, fellow trader and analyst Rekt Capital pointed out major resistance trend lines that now exist, which Bitcoin would have to overcome to bring about a more fundamental trend change.
— Rekt Capital (@rektcapital) September 28, 2023
Elsewhere in today’s analysis, Rekt Capital admitted that $29,000 could resurface and still form part of a broader Bitcoin pullback.
“It is important to remember that Bitcoin could technically rise to around $29,000 to form a new low (Phase AB).” to explain Next to the chart.
This article does not contain investment advice or recommendations. Every investment and trading move involves risks, and readers should conduct their own research when making a decision.
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