The week started off relatively calmly, with a gradual recovery from the recent market crash on August 5. On Monday, BTC rose 1.73% to $59,438, and on Tuesday, there was a small correction of 0.71% to #59,013. Wednesday brought a more significant gain of 3.63% to $61,156, and on Thursday, the price continued to climb, increasing 1.28% to $60,375.
The key event of the week was the speech of the US Federal Reserve Chairman Jerome Powell at the Jackson Hole Symposium on Friday, August 23. His comments about possible easing of monetary policy caused a sharp rise in the cryptocurrency market. On Friday, BTC jumped by 6.06% to $64,037, almost recouping the losses from the August 5 crash.
From a technical point of view, the upward trend continues. Buyers have almost completely compensated for the losses from the recent market collapse. However, the current growth is still perceived as a correction to the previous decline, since the cumulative delta remains negative and is not decreasing. For a final change in bearish sentiment, buyers need to overcome the levels of $68,500 and $72,000.
The main drivers of growth last week were expectations of a rate cut by the US Federal Reserve, growth in stock indices and a fall in the dollar index. The minutes of the FOMC meeting published on Wednesday showed that most members of the Fed leadership are inclined to cut the key interest rate in September, provided that inflation continues to slow.