BTC Price Rises Above $28.6K As Bitcoin Awaits ‘Very Dovish’ Fed Powell Speech
Bitcoin (BTC) pressed on $28,500 after Wall Street opened on October 19 ahead of a key speech on US economic policy.
Leppard: Powell can flip “too dim.”
Data from Cointelegraph Markets Pro and TradingView showed that BTC price action was gaining strength ahead of comments by Federal Reserve Chairman Jerome Powell.
In a speech at the Economic Club of New York at 12:00 p.m. on Thursday, Powell tackled the complex macroeconomic environment of 10-year U.S. bond yields since 2007.
In the year With the 2008 global financial crisis on the radar of market participants, how dovish or hawkish Powell's language would be was a key talking point.
“They can't let the foreclosure process continue,” asset management guru Lawrence “Larry” Lepard told X subscribers that day.
“Prediction: Powell is on the brink of saying or doing something very embarrassing that will cause a huge rally in the US bond market.
The Fed was previously thought to be planning to extend interest rates higher, following a series of data releases that showed inflation remained higher than expected.
According to data from CME Group's FedWatch Tool, the odds of the market remaining at current levels at the next Federal Open Market Committee (FOMC) meeting on Nov. 1 were 88 percent — a hike of just 11 percent.
Speaking on CNBC's Squawk Box segment, economist Mohamed El-Erian suggested that rates should not rise again — a more important outcome for risk assets, including crypto.
“The message that needs to be given now is the Fed is done; we're done,” he said of the content of Powell's speech.
“That's what the message should be. I don't know if he will give it or not.”
Bitcoin traders control liquid walls
BTC's price movements themselves, meanwhile, have remained locked in between liquid clouds, with reduced volatility as a result.
Related: Holding Strong: Long-Term Bitcoin Investors Own Over 76% of BTC For First Time
#Bitcoin is currently caught between two big walls on Binance Futures.
Open interest is steadily rising as finance rates continue to decline.
Let's see what we can find after opening NY today! pic.twitter.com/nyLMQ07XFo
— Dan Crypto Trading (@DanCrypto)
Data from on-chain tracking utility indicators confirmed that the chart on the Binance order book remained unchanged due to the volatility at the start of the week with high support and resistance levels unchanged.
So traders were open to drawing lines in the sand that were more significant than spot prices. Among them, crypto Tony highlighted the $28,000 and $29,000 targets.
$BTC / $USD – Update
These are the key steps to tracking legends. So $29,000 will move to long support or short if we miss the low at $28,000 pic.twitter.com/P5i3aA8FvE
— CryptoTony (@CryptoTony__) October 19, 2023
As Cointelegraph reports, key trend lines now weigh heavily on Bitcoin going forward and provide a durable forecast of bullish support.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
