According to Cointelegraph: Bitcoin's price trajectory is showing signs of an upward trend, nearing the $27,000 mark, as traders turn their attention to Jerome Powell's upcoming speech. The Chair of the Federal Reserve is expected to comment on the latest U.S. macroeconomic data, which could provide fresh cues on the cryptocurrency market.
The digital asset staged a brief resurgence after the September 28 Wall Street open, marking new weekly highs. Having seen a volatile 24-hour spell characterised by what some analysts dub a "pump and dump" activity, Bitcoin managed to clock highs of $26,823 on Bitstamp following a modest 2% daily gain. The cryptocurrency subsequently surrendered its gains, but a slow yet steady ascend took over, gradually pushing it towards the $27,000 threshold.
The forthcoming speech by Powell is attracting significant attention, even though his recent statements have not particularly taken the cryptocurrency market by storm. Keith Alan, co-founder of monitoring resource Material Indicators, opined, “Bring on the volatility." Alan's analysis of data from the BTC/USD order book shows minimal resistance obstructing Bitcoin's progress below the $27,000 mark.
Despite the promising gains, analysts caution against complacency, with Daan Crypto Trades suggesting the need for the market to "chill out" to prevent a retrace. Rekt Capital, meanwhile, acknowledges Bitcoin's potential to rally to $29,000 but warns it could still precede a broader dip for the cryptocurrency.
