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Bitcoin Nears $27K Ahead of Powell Speech But Faces Resistance at Key Levels

  • Bitcoin (BTC) hit new weekly highs above $26,800 ahead of a speech by Fed Chair Jerome Powell.

  • The latest US GDP and inflation data came in line with expectations before Powell's speech.

  • Traders anticipate volatility around Powell's speech at 4pm ET today in Washington DC.

  • Despite climbing near $27,000, analysts say Bitcoin price still faces resistance at key trendlines.

  • Bitcoin could still rally to $29,000 and form a lower high before continuing its downtrend, according to Rekt Capital.

cointelegraph.com
Relevant topic timeline:
Cryptocurrencies, including Bitcoin and Ethereum, experienced a rise in value as investors anticipated the Federal Reserve's annual meeting and Bitcoin attempted to reach $30,000.
Bitcoin (BTC) is showing signs of strength on the daily and weekly charts, with classic bullish divergence on the daily chart and hidden bullish divergence on the weekly chart, according to crypto analyst Credible Crypto.
A trader predicts that Bitcoin will reach a new all-time high before the end of 2023, with the possibility of a 157% rally from the current level.
Bitcoin (BTC) closed the week below $26,000, with traders closely monitoring the $25,900 level as a potential support zone to determine future price movements. There is a possibility of Bitcoin entering a bearish scenario with sub-$20,000 levels, but a bullish revival above $26,000 is considered less likely.
Despite the current market conditions, a crypto strategist believes that Bitcoin (BTC) could experience a significant upward movement, potentially forming a bullish higher-low setup after a possible drop to around $23,600.
Bitcoin (BTC) remains near a key long-term trendline as the U.S. dollar strengthens, with market participants predicting further downside for BTC and altcoins.
Bitcoin (BTC) price rises as market remains calm over Fed interest rate policy, with traders anticipating further gains.
Bitcoin (BTC) consolidated higher on September 15 as analysts described recent price behavior as "textbook," with hopes of a potential bullish breakout and the possibility of avoiding new lows.
Bitcoin has the potential to rally and reach a new high in 2023, according to an analyst, who also states that the current price action looks constructive after a period of downward trend.
Bitcoin (BTC) shows optimism as it starts the week with the first green weekly candle in over a month, with price strength improving and network fundamentals reaching new records, while traders await the U.S. Federal Reserve's interest rate decision for potential volatility.
Bitcoin prices reached above $27,000 for the first time this month, with multiple cryptocurrencies experiencing broad gains, although the reason for the increase is unclear, and low liquidity may be contributing to volatility.
Bitcoin and other cryptocurrencies experienced a rise in value as traders made bullish bets in anticipation of the Federal Reserve's interest rate decision, though this surge may be premature.
Bitcoin attempted a rally, reaching its highest price in three weeks, but quickly faced selling pressure, while the broader crypto market saw modest gains; attention turns to the US Federal Reserve's policy meeting for potential impact on monetary policy.
Bitcoin (BTC) has shown remarkable stability above the $26,000 level despite sell-offs in equity markets and a surging US dollar, potentially signaling a bullish cycle as long-term investors continue to accumulate.
Bitcoin (BTC) starts the last week of September with a retest of $26,000 as a stubborn range persists, with analysts offering mixed predictions for the future of BTC price.
Bitcoin (BTC) prices are expected to remain bearish in the short term, but analysts anticipate a significant price increase after the 2024 halving event due to past performance and long-term valuation metrics.
Bitcoin rose 2% to $26,750 during early U.S. trading hours, defying the strong dollar and driven by spot market buyers and a short squeeze, accompanied by an increase in net capital inflows in the spot market.
Bitcoin surged over $28,000, experiencing a sudden spike and potentially driven by a short squeeze in the futures market, while Ethereum also rose above $1,700 for the first time in five weeks, contributing to a positive overall sentiment in the crypto market.
Bitcoin (BTC) holds steady at $27,500 as attention shifts to the volatile U.S. dollar, with market observers identifying $27,000 as a key support level for BTC price.
Bitcoin's price reacted positively to the US Bureau of Labor Statistics' release of the September non-farm payrolls report, with an on-chain indicator suggesting that BTC is in a prime position for bullish price action in the upcoming weeks.
Bitcoin has historically performed well on Friday the 13th, with prices rising an average of 1% on the day and surging by 14% and 66% in one and three months, respectively, afterward; however, there are concerns of a corrective phase within the crypto market due to challenges facing Ethereum and signs of weakness in the crypto markets.
Bitcoin is poised for another meteoric rise due to the return of money printing by the US government, according to a trader who accurately predicted the end of the crypto's bull market in 2021, with Bitcoin potentially reaching a new all-time high of $180,000.
Bitcoin (BTC) is predicted to reach $128,000 or more by the end of 2025, according to multiple analytics models, with one analyst projecting a two-year target of around $130,000 and suggesting that the area around this price is becoming a magnet due to the long-term bullish outlook.
Bitcoin (BTC) has experienced a 70% increase in 2023 and could continue to climb, potentially reaching price targets of $45,000-$50,000 by the end of the year, but faces headwinds from the tightening policies of the United States Federal Reserve; Standard Chartered also predicts a year-end price of $50,000 due to reduced BTC supply from miners.
Bitcoin and other leading cryptocurrencies experienced a positive week, with Bitcoin rebounding by 10% following bullish price action and reaching $29,523, while Solana and XRP also saw gains.
Bitcoin (BTC) continues to rise, gaining momentum from gold and traditional rate-sensitive assets, as prices reach their highest level since July 15 and analysts predict a potential approval of a bitcoin ETF.
Bitcoin (BTC) remains above $30,000 as analysts suggest that its strength could override bearish trends, with indicators such as the True Market Deviation and potential approval of a Bitcoin spot-price based exchange-traded fund (ETF) signaling a positive market sentiment.
Bitcoin reached its highest level since mid-July as speculation grows over the approval of a spot Bitcoin ETF in the U.S., with the cryptocurrency up 2.2% and making up 49.6% of the overall crypto market, according to CoinGecko.
Bitcoin reached a three-month high of $31,087, rising 3.62%, amid investor optimism about the potential approval of a spot bitcoin exchange-traded fund (ETF), leading to gains in cryptocurrency-related companies; this surge also coincides with broader market concerns regarding the risk of Israel's conflict with Hamas escalating into a regional war.
Bitcoin (BTC) is nearing its 2023 high at $31,805, with the possibility of further buying triggering a rally, despite risks such as the weakness in the S&P 500 Index and the rising 10-year Treasury yield.
Bitcoin's price surged past $35,000 as the mood in the cryptocurrency market has improved, driven by the potential launch of bitcoin exchange-traded funds (ETFs) and growing interest from institutional investors like BlackRock.
Bitcoin (BTC) reached its highest level in 2023 as the possibility of a spot BTC exchange-traded fund (ETF) launching soon increases, attracting institutional money into the digital assets market, while stocks also climbed higher and analysts remain cautious about overexposure and the inverted yield curve.
Bitcoin has surged past $35,000, reaching its highest price since May 2022, amid a bullish week for the cryptocurrency market fueled by hopes of a Bitcoin ETF approval and significant gains in other major cryptocurrencies like Ethereum, XRP, Solana, Cardano, and Dogecoin.
Bitcoin is expected to reach new all-time highs by Q3 2024, according to veteran trader Peter Brandt, who warns investors to prepare for a volatile period in the meantime.
The price of Bitcoin has reached all-time highs against several inflationary fiat currencies, including the Argentine peso, Nigerian naira, Turkish lira, Laotian kip, and Egyptian pound, highlighting the ongoing devaluation of these currencies and Bitcoin's recent price increase.
Summary: Bitcoin surged by over 14% in the past week, reaching a high of $35,000 and maintaining a 30% increase over the last two weeks.
The cryptocurrency market remained flat as Bitcoin reached its highest price since May 2022, while stocks traded with a downward trend due to rising inflation, prompting speculation that the Fed may need to raise interest rates further; altcoins ended the week mixed.