The price of Bitcoin increased by 62 thousand dollars.
Bitcoin (BTC) has risen above $62,000 since the Wall Street open on August 23, when the US Federal Reserve announced the first interest rate cut since 2019.
The price of BTC is volatile as the Fed's Powell policy is “adjusted”.
Data from Cointelegraph Markets Pro and TradingView showed a new local BTC price on Bitstamp at $62,323.
Investors reacted warmly to Fed Chairman Jerome Powell's assurances that interest rates are now on the way down.
“It's time for a policy overhaul,” he said in a speech at the annual Jackson Hole Symposium.
The event, which had markets keenly watching for signs of policy easing, saw a dovish Powell announce a “dual policy tightening” despite not giving a concrete timetable for the cuts to begin.
“The current level of policy gives us ample room to respond to any risks we may face, including the risk of further weakening in labor market conditions,” he continued.
Jobs formed a key topic of conversation during the week after a sharp cut saw job vacancies fall by 818,000 for the twelve months to March 2024.
The latest data from CME Group's FedWatch Tool, meanwhile, sees markets betting on a 0.25% rate cut at the Fed's next meeting in late September.
Reacting, Bitcoin market analysts were in a critical mood.
Scott Meeker, a businessman, analyst and podcast host known as “Wolf of All Streets,” summed it up in a post on X alongside Powell's quotes: “Powell goes full pigeon.
Arthur Hayes, former CEO of crypto exchange BitMEX, predicted a “time for crypto only.”
“$BTC Liquidity Hitting Upside and Forming a Long Wick,” wrote popular trader CrypNuevo, analyzing the market movements in the lower timeframe.
Bitcoin traders raise their liquidity games
The latest information of the tracking resource CoinGlass tracks the liquidity of the exchange's order books. It revealed a new asking price of $62,450, keeping the price unchanged at the time of writing.
Related: Bitcoin Macro Highs Despite ‘Confounding' March 2025 All-Time High
$62,000, however, remains a key indicator level for bulls to flip to support on the daily timeframe.
“Bitcoin is still facing a critical breakout. If it breaks at $62k, that would be a sign for markets to continue rallying this week,” confirmed Michael Van de Pop, founder and CEO of trading firm MNTrading, in his latest X analysis.
Van de Pop added that last week's introduction of bitcoin exchange-traded funds (ETFs) to the U.S. means such a scenario is “likely to happen.”
Given the high volume of inflows we saw in ETFs last week, we may have that breakout, he wrote.
Net ETF inflows exceeded $250 million in the first four days of the week, according to sources including UK-based investment firm Farside Investors.
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.
