The speech of US Federal Reserve Chairman Powell and data on the labor market nevertheless brought increased volatility to the crypto market today.
What did Jerome Powell talk about during his speech today at the ECB's Central Banking Forum? Main points:
- We have made significant progress in the fight against inflation.
- We need to get more macro data to decide on lowering the interest rate.
- The policy remains restrictive, and that's appropriate.
- The Fed recognizes the risk of easing monetary policy too early or too late.
- The Fed has the opportunity to take its time and do everything right.
- The disinflation trend is showing signs of resumption.
- Risks become more balanced.
- If the labor market weakens unexpectedly, this will also force us to react
- Inflation in the service sector is more stable.
- We see the consequences of high rates on the housing market.
- Wage growth is returning to more sustainable levels.
- Inflation may reach the target level of 2% next year or in 2026.
- The US budget deficit is very large, and its dynamics are unstable.
- The USA demonstrates stable economic growth and a strong labor market.
At Powell’s speech,#BTCstill showed continued local growth and closed the fifteen-minute doji candle. But upon publication of the number of open vacancies on the JOLTS labor market, it began to adjust. Because the result is 8.140 million against the forecast of 7.960 million and the previous figure of 7.919 million.
The labor market remains strong and stronger than expected. And Powell almost directly makes it clear that for now this is the case - the pause on the interest rate can be maintained and not reduced.
The#BTCprice is right now testing a downward trend since June 7th. I followed the correction scenario from today’s review. If this support does not hold, the most important volume level will be $61,231. Where today is ascending support since June 24th. As they wrote, even for a growth scenario it can be tested. But in this case, the daily candle will need to be closed with the most bullish shadow from below. Otherwise, the rebound may be over and, at best, the price will show a range.
