{"id":637508,"date":"2024-08-23T16:33:10","date_gmt":"2024-08-23T16:33:10","guid":{"rendered":"https:\/\/wncen.com\/?p=637508"},"modified":"2024-08-23T16:33:10","modified_gmt":"2024-08-23T16:33:10","slug":"bitcoin-price-breaches-62000-market-reacts-to-powells-speech","status":"publish","type":"post","link":"https:\/\/wncen.com\/breaking-news-ticker\/bitcoin-price-breaches-62000-market-reacts-to-powells-speech\/","title":{"rendered":"Bitcoin Price Breaches $62,000: Market Reacts To Powell&#8217;s Speech"},"content":{"rendered":"<p><span style=\"font-weight: 400\">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&#8217;s remarks at the Jackson Hole Economic Symposium.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Bitcoin Price Rallies On Powell&#8217;s Dovish Tones<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Powell&#8217;s <\/span><a href=\"https:\/\/x.com\/WuBlockchain\/status\/35345364\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">remarks <\/span><\/a><span style=\"font-weight: 400\">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 <\/span><a href=\"https:\/\/wncen.com\/bitcoin-news\/crypto-liquidations-1-billion-bitcoin-crashes-52000\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">risk assets<\/span><\/a><span style=\"font-weight: 400\"> like Bitcoin, as it signals a more accommodative monetary policy stance from the Fed.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/algorand-algo\/algorand-achieves-new-record-with-2-billion-transactions-algo-price-jumps-14\/\" target=\"_blank\" rel=\"noopener \">Algorand Achieves New Record With 2 Billion Transactions, ALGO Price Jumps 14%<\/a><\/div>\n<p><span style=\"font-weight: 400\">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&#8217;s comments. However, the rally was short-lived, as the price subsequently retreated to around $60,800. <\/span><a href=\"https:\/\/x.com\/InspoCrypto\/status\/27748684\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">According <\/span><\/a><span style=\"font-weight: 400\">to crypto analyst Inspo Crypto, Bitcoin now faces a critical juncture:\u00a0<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">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.<\/span><\/p><\/blockquote>\n<h2><span style=\"font-weight: 400\">Key Indicators Flip Positive<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Another analyst, Rekt Capital, noted that the Bitcoin price still lacks a <\/span><a href=\"https:\/\/wncen.com\/bitcoin-news\/trump-floats-bitcoin-payments-as-solution-to-35-trillion-us-debt-crisis\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">daily close <\/span><\/a><span style=\"font-weight: 400\">above $62,000, which would be needed to confirm a continuation of the recent price recovery.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">However, Rekt Capital <\/span><a href=\"https:\/\/x.com\/rektcapital\/status\/48400205\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">suggested <\/span><\/a><span style=\"font-weight: 400\">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.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Market expert Ali Martinez <\/span><a href=\"https:\/\/x.com\/ali_charts\/status\/67439582\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">highlighted <\/span><\/a><span style=\"font-weight: 400\">a positive development, noting that Bitcoin&#8217;s bull-bear market indicator has switched back to bullish after oscillating between bearish and bullish territory since early August.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">This, Martinez suggests, could further bolster the case for continuing the <\/span><a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-hashrate-nears-record-levels-amidst-price-decline-details\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">price recovery<\/span><\/a><span style=\"font-weight: 400\"> witnessed over the past two weeks after Bitcoin briefly dipped to a 6-month low of $49,000 earlier this month.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/shiba-inu\/shiba-inu-shibarium-suffers-97-6-crash-in-active-accounts-whats-going-on\/\" target=\"_blank\" rel=\"noopener \">The Shiba Inu Shibarium Suffers 97.6% Crash In Active Accounts, What\u2019s Going On?<\/a><\/div>\n<p><span style=\"font-weight: 400\">Looking ahead, Martinez has <\/span><a href=\"https:\/\/x.com\/ali_charts\/status\/80791852\" rel=\"nofollow\"><span style=\"font-weight: 400\">identified <\/span><\/a><span style=\"font-weight: 400\">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.\u00a0<\/span><\/p>\n<p><a href=\"https:\/\/www.tradingview.com\/x\/V0tMHEUY\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">https:\/\/www.tradingview.com\/x\/V0tMHEUY\/<\/span><\/a><\/p>\n<p><span style=\"font-weight: 400\">For now, the Bitcoin price seems to have stabilized around $61,600 after the notable spike in volatility minutes after Powell&#8217;s speech. CoinGecko <\/span><a href=\"https:\/\/www.coingecko.com\/en\/coins\/bitcoin\" rel=\"nofollow\"><span style=\"font-weight: 400\">data <\/span><\/a><span style=\"font-weight: 400\">shows that the largest cryptocurrency on the market is still up 2% in the 24-hour time frame.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">It will be important to watch what price BTC closes the day at, as it will be important to gauge the next week&#8217;s price movement before the expected monthly close.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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&#8217;s remarks at the Jackson Hole Economic Symposium. Bitcoin Price Rallies On Powell&#8217;s Dovish Tones Powell&#8217;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&#8217;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:\u00a0 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.\u00a0 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&#8217;s bull-bear market indicator has switched back to bullish after oscillating between bearish and bullish territory since early August.\u00a0 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\u2019s 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.\u00a0 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&#8217;s speech. CoinGecko data shows that the largest cryptocurrency on the market is still up 2% in the 24-hour time frame.\u00a0 It will be important to watch what price BTC closes the day at, as it will be important to gauge the next week&#8217;s price movement before the expected monthly close.\u00a0<\/p>\n","protected":false},"author":589,"featured_media":611296,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[86683],"tags":[428,485,656,679,7756,755,1119,1122,1144,8390,78790,6664,14690],"class_list":["post-637508","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-breaking-news-ticker","tag-bitcoin","tag-bitcoin-chart","tag-bitcoin-news","tag-bitcoin-price","tag-bitcoin-signals","tag-bitcoin-technical-analysis","tag-btc","tag-btc-price","tag-btcusd","tag-btcusd-price","tag-btcusdt","tag-crypto","tag-crypto-news"],"acf":[],"yoast_head":"\n<title>Bitcoin Price Breaches $62,000: Market Reacts To Powell&#039;s Speech<\/title>\n<meta name=\"description\" content=\"The crypto market experienced a rollercoaster ride as the Bitcoin price surged and retreated in response to Fed 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