Fed’s Powell’s Comments Precede One-Week Highs of Bitcoin Price to $27K

After the Sep. 28 Wall Street open, Bitcoin (BTC) saw a surge in its value, reaching new weekly highs as traders looked to the US Federal Reserve for further guidance.

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Cryptocurrencies such as Bitcoin (BTC) have been gaining traction recently, and this was reflected in the surge of BTC prices after the Wall Street open. As investors await further news from the Federal Reserve, many have turned to crypto sites, crypto India, crypto aggregator, coin crypto, ANKR crypto, crypto flash, crypto today latest, crypto..com, and ETC crypto to keep an eye on the market.

Bitcoin summons volatility ahead of Powell speech

Data from Cointelegraph Markets Pro and TradingView revealed that BTC price was gaining momentum on the day, after it experienced a “pump and dump” 24 hours prior.

At its highest point, the Bitstamp exchange saw BTC reach $26,823, a 2% daily increase, before it dropped back down. After that, a slower climb saw the price reach closer to $27,000 at the time of writing.

Bitcoin seemed to react positively to recent U.S. macroeconomic data prints. GDP for Q2 grew by 1.7% year on year, lower than the projected 2.0%, while the Personal Consumption Expenditures (PCE) index data for August met expectations.

“Bring on the volatility,” Keith Alan, co-founder of monitoring resource Material Indicators, told X subscribers beforehand.

Analysis of the Binance BTC/USD order book, provided by Alan, showed there was little resistance stopping the spot price from reaching below $27,000.

The macro data was only the start of the day’s main event, however, with Jerome Powell, Chair of the Federal Reserve, due to make a comment later in the day. Powell, whose previous words did not cause much volatility in 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.

BTC price not out of the woods

Daan Crypto Trades, a popular trader and analyst, expressed more optimism about the strength of the day’s move in Bitcoin markets compared to Sep. 27.

“Back to yesterday’s highs but with considerably less Open Interest,” he stated, providing a chart to illustrate open interest as BTC/USD headed higher.

Rekt Capital, another trader and analyst, pointed out the key resistance trend lines that Bitcoin needs to surpass in order to effect a more substantial trend change.

Rekt Capital also noted that $29,000 could still be part of a larger decline for Bitcoin, even if it is reached again. “It’s important to remember that Bitcoin could technically rally to even as high as ~$29,000 to form a new Lower High (Phase A-B),” he explained, along with a chart.

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