Bitcoin to $27K next? One-week BTC price highs precede Fed's Powell
Bitcoin (BTC) hit new weekly highs after the Sep. 28 Wall Street open as markets awaited fresh cues from the United States Federal Reserve.
Data from Cointelegraph Markets Pro and TradingView showed BTC price strength staging a comeback on the day, having delivered what some referred to as a classic “pump and dump” 24 hours prior.
During that performance, highs of $26,823 appeared on Bitstamp as the result of 2% daily gains before Bitcoin retraced all of its progress.
A slower grind higher then took hold, with bulls edging closer to $27,000 at the time of writing.
Bitcoin appeared to react well to the latest U.S. macroeconomic data prints.
GDP for Q2 grew by 1.7% year on year — below the projected 2.0% — while Personal Consumption Expenditures (PCE) index data for August came in in line with expectations.
“Bring on the volatility,” Keith Alan, co-founder of monitoring 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 way 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
The macro data constituted just the prelude to the day’s main event, meanwhile, with Jerome Powell, Chair of the Federal Reserve, due to comment later on.
Powell, whose recent words failed to deliver noticeable volatility to crypto markets, was due to speak at the Fed’s “Conversation with the Chair: A Teacher Town Hall Meeting" event in Washington, D.C. at 4pm Eastern time.
Commenting on the state of play on Bitcoin markets, popular trader and analyst Daan Crypto Trades was more optimistic around the strength of the day’s move compared to Sep. 27.
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