Bitcoin (BTC) hit a new weekly high after opening Wall Street trading on September 28, as the market awaits new cues from the US Federal Reserve.
Bitcoin sparks volatility ahead of Powell speech
During that performance, a 2% daily increase led to a high of $26,823 on Bitstamp 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.
Gross domestic product grew 1.7% year over year in the second quarter, below expectations of 2.0%, although personal consumption expenditures (PCE) index data for August was in line with expectations.
“It brings volatility,” says Keith Allan, co-founder of Monitoring Resources Material Indicators. Said Followers of X (former Twitter) in advance.
The Binance BTC/USD order book data uploaded by Alan showed little resistance to the spot price below $27,000.
— Keith Allan (@KAProductions) September 28, 2023
Meanwhile, the macro statistics are just a prelude to the day’s main event, with comments from Federal Reserve Chairman Jerome Powell scheduled for later.
Although Powell has failed to cause any noticeable movement in the crypto market with his recent remarks, he will be attending the Fed’s “Conversations with the Chair: Teachers He was scheduled to speak at a Town Hall Meeting event. UTC).
BTC price is not out of crisis yet
Popular trader and analyst Daan Crypto Trades commented on the state of the Bitcoin market and said that he is more optimistic about the strength of the movement on this day compared to September 27th.
Related: Bitcoin halving raises ‘efficient’ BTC mining cost to $30,000
“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.
— 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.