Bitcoin (BTC) hit a new weekly high after the start of Wall Street trading on September 28 as the market awaited new cues from the US Federal Reserve.
Bitcoin sparks volatility ahead of Powell speech
Cointelegraph Markets Pro and TradingView shows the strength of BTC price on the day, shows the recovery and what did it bring some were mentioned As a classic “pump and dump” 24 hours ago.
During that performance, a high of $26,823 appeared on Bitstamp as a result of a 2% daily increase before Bitcoin regained all its progress.
Since then, a modest rally has taken hold, with bulls approaching $27,000 at the time of writing.
Bitcoin appears to be responding well to the latest US macroeconomic data.
GDP growth in the second quarter was 1.7% year-on-year, lower than the expected 2.0%, but personal consumption expenditure (PCE) index data for August was in line with expectations.
“It brings volatility,” says Keith Allan, co-founder of Monitoring Resources Material Indicators. Said X subscribers in advance.
The Binance BTC/USD order book data uploaded by Alan showed little resistance to the spot price below $27,000.
Marked up #fire chart Useful for checking weekly/monthly ranges. #BTC. pic.twitter.com/LQs8i2rZcV
— Keith Allan (@KAProductions) September 28, 2023
Meanwhile, the macro statistics are just a prelude to the day’s main event, with Federal Reserve Chairman Jerome Powell expected to comment later.
Although Powell’s recent statements failed to cause any noticeable fluctuations in the cryptocurrency market, to talk At the Fed’s “Conversations with the Chair: Teacher Town Hall Meeting” event in Washington, D.C., at 4 p.m. ET.
BTC price is not out of crisis yet
Commenting on the state of the Bitcoin market, popular trader and analyst Daan Crypto Trades expressed more optimism about the strength of the day’s movements compared to September 27th.
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“We’re back to yesterday’s highs, but open interest is down significantly,” he said. I got it..
“There’s no question the longs are chasing here, but they’re less bubbly than yesterday. I’d like to see the longs settle down to not do a complete retrace later.”
The attached chart tracked open interest as BTC/USD rose.
Meanwhile, trader and analyst Recto Capital warned that there are currently major resistance trend lines that Bitcoin needs to overcome in order to make a more significant trend change.
#BTC The bull market has returned to the moving average support bands and is challenging a breakout above it.$BTC #cipher #bitcoin pic.twitter.com/c32BiQOwJ5
— Rect Capital (@rektcapital) September 28, 2023
Elsewhere in its analysis today, Recto Capital acknowledged that $29,000 could re-emerge and still form part of Bitcoin’s broader decline.
“It is important to remember that Bitcoin could technically rise up to $29,000 and form a new low (Phase AB),” he said. explained along with the chart.
This article does not contain investment advice or recommendations. All investment and trading moves involve risk and readers should conduct their own research when making decisions.
