Fun

Bitcoin braces for Fed’s Powell as $61K BTC price eyes next breakout

News Feed - 2024-08-23 07:08:00

William Suberg13 hours agoBitcoin braces for Fed’s Powell as $61K BTC price eyes next breakoutBTC price frustration may find some relief as Bitcoin traders’ hopes increase of the Fed cementing interest rate cuts at the Jackson Hole summit.4645 Total views4 Total sharesListen to article 0:00Market UpdateOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onBitcoin (BTC) circled intraday highs on Aug. 23 as markets braced for the week’s key macro event.BTC/USD 1-hour chart. Source: TradingViewBitcoin seeks liquidity cues from Jackson Hole speech


Data from Cointelegraph Markets Pro and TradingView showed $61,000 returning in the hours before the United States Federal Reserve’s Jackson Hole annual symposium.


The centerpiece of this will be a speech by Chair Jerome Powell. Set for 10am Eastern Time, the address is being closely watched by traders for signals over financial policy easing.


As Cointelegraph reported, markets continue to price in a 100% chance of interest rate cuts — a key bullish event for crypto and risk assets — beginning in September.


“The question is no longer whether the Fed will cut rates or not,” trading resource The Kobeissi Letter wrote in part of its recent X commentary.“The question is will they cut rates by 25 or 50 basis points in September.”Fed target rate probabilities. Source: CME Group


The latest data from CME Group’s FedWatch Tool confirm the odds favoring a smaller 0.25% rate cut.


Some, however, see little chance of a surprise from Powell himself, with expectations for Jackson Hole baked in.


“Even though I think the Fed’s base case is they’ll move a quarter, and my base case is they’ll move a quarter, I don’t think they’ll feel the need to provide any guidance around that this far out,” former Fed official Lou Crandall told CNBC on Aug. 22.


While ostensibly a catalyst for risk-asset liquidity, rate cuts do not guarantee a knee-jerk BTC price reaction, historical data shows.


Analyzing Bitcoin’s behavior during the Fed’s last cutting cycle in 2019, trader Luke Martin, host of the Stacks Podcast, noted that it took the subsequent COVID-19 cross-market crash to spark a bull market.


“Last time Fed cut rates was 2019 which actually coincided with slight price decline. Then came the Covid crash, cuts to zero, and money printer fueled bull run,” he summarized.BTC/USD vs. Fed funds rate. Source: Luke Martin/XWaiting on a BTC price breakout


BTC/USD meanwhile continued to range within an increasingly narrow zone with $62,000 as key resistance.


Related: Bitcoin macro top due in 2025 despite "confusing" March all-time high


Data from monitoring resource CoinGlass shows an additional block of ask liquidity at $61,435 appearing on the day, keeping the price flat.BTC liquidation heatmap (screenshot). Source: CoinGlass


“This is not what an over-leveraged, long-biased, degenerate Bitcoin market looks like,” Checkmate, the pseudonymous creator of onchain analytics resource Checkonchain, commented on X this week.Bitcoin perp funding rates. Source: Checkmate/X


On 4-hour timeframes, traders noted, BTC/USD nonetheless sought to overcome resistance in the form of the 200-period simple moving average.


"A close above this level and Bitcoin will pump to $64K-$65K If it gets rejected, expect some consolidation," popular trader Elja forecast in part of an X post on the topic.BTC/USDT 4-hour chart with 200SMA. Source: Elja/X


This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.# Bitcoin# Federal Reserve# Bitcoin Price# MarketsAdd reaction

News Feed

Sotheby’s Cancels Cryptopunks NFT Auction After Consignor ‘Decided to Hodl’ Collectibles
Sotheby’s Cancels Cryptopunks NFT Auction After Consignor "Decided to Hodl" Collectibles On February 8, the multinational luxury auction company Sotheby’s announced the fi
Bitcoin Short Term Investors Now Hold Over 4M $BTC. Can BTC Bull 100x?
Short term Bitcoin holders (STHs) have been aggressively adding the OG cryptocurrency to their portfolios since September 2024, adding over 1.5M BTC. This takes the total tally of Bitcoin with STHs to 4M.
Ana Paula Pereira6 hours agoBitstamp halts ETH staking in the United StatesThe crypto exchange is ending staking services for U.S.-based users on Sep. 25; the decision comes a few weeks after Bitstamp halted trading for
Bitcoin Taker Buy Volume Witnesses Notable Spike — Is BTC Price Next?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
William Suberg13 hours agoBitcoin trader eyes BTC price ‘Darth Maul candle’ as CPI due 2-year lowBitcoin is tipped to see classic volatility in BTC price around the CPI release, while liquidity remains tightly wrappe
Cardano Price Set For 300% Explosion With Major Bullish Impulse
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
3 prevendite crypto da considerare prima dell’insediamento di Trump
Este artículo también está disponible en español. Mancano solo pochi giorni all’insediamento del nuovo presidente degli Stati Uniti, Donald Trump, e l’attesa
Turner Wright7 hours agoStar Trek trademarks for NFTs: The final frontierCBS Studios applied to use the name “Star Trek Continuum” for nonfungible tokens and crypto collectibles.2755 Total views3 Total sharesListen t
Zhiyuan Sun8 hours agoBalancer says $2.8M still at risk after vulnerability warningThe vulnerability was not exploited after its discovery on Aug. 22.283 Total views4 Total sharesListen to article 0:00NewsJoin us on soci
Grayscale Ethereum Trust ETF hits historic net outflow of $1.5B
Amaka Nwaokocha54 minutes agoGrayscale Ethereum Trust ETF hits historic net outflow of $1.5BBased on the present rate of outflows, ETHE"s ether reserves may be exhausted in a relatively short timeframe, potentially withi
Turner Wright12 hours agoJudge grants DOJ motions barring testimony of Sam Bankman-Fried’s witnessesJudge Lewis Kaplan left the door open for SBF’s defense team to call some of the precluded witnesses in response to
100 NFT Collections Surpass $20 Billion in Volume — Cryptopunks, Bored Apes Capture Top Volumes
100 NFT Collections Surpass $20 Billion in Volume — Cryptopunks, Bored Apes Capture Top Volumes Non-fungible token (NFT) assets were extremely popular this year and to date, ther