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Bitcoin Makes Way to $65K As Powell Decides to Cut Interest Rates
Wake up, bulls! Itâs your time to shine. Federal Reserve chairman Jerome Powell has finally agreed to cut Americaâs interest rates next month ahead of the presidential election.
Bitcoin was quick to react, even before Powell said âthe time has come for monetary policy changesâ during his speech at Jackson Hole, Wyoming.
He has made it clear that the Fed is ready to tweak its policies based on the current economic situation, with inflation cooling down and the job market getting weaker.
He didnât give exact details on when or how much the cuts will be, but the message was clear: rate cuts are on the way
At press time Bitcoin was trading around $61,524.92, with a slight uptick, making its way straight to the next major critical level at $65,000.
The Moving Averages, for instance, are lining up nicely. The price is above the 50-day and 100-day Simple Moving Averages, and itâs closing in on the 200-day SMA.Â
This alignment usually signals strong support levels, giving traders confidence that Bitcoin isnât going to drop off a cliff anytime soon. Of course, the strong bullish reversal indicator double bottom also appeared at around $59,000.
The MACD is also flashing bullish signals, with its line sitting at 43.69, above the signal line at 124.97, with a positive histogram to boot. This all points to momentum building in Bitcoinâs favor.
Even the RSI is showing strength, sitting at 62.20. Itâs not quite in overbought territory yet, which means thereâs a lot of room for Bitcoin to climb.
Bitcoin was quick to react, even before Powell said âthe time has come for monetary policy changesâ during his speech at Jackson Hole, Wyoming.
He has made it clear that the Fed is ready to tweak its policies based on the current economic situation, with inflation cooling down and the job market getting weaker.
He didnât give exact details on when or how much the cuts will be, but the message was clear: rate cuts are on the way
At press time Bitcoin was trading around $61,524.92, with a slight uptick, making its way straight to the next major critical level at $65,000.
The Moving Averages, for instance, are lining up nicely. The price is above the 50-day and 100-day Simple Moving Averages, and itâs closing in on the 200-day SMA.Â
This alignment usually signals strong support levels, giving traders confidence that Bitcoin isnât going to drop off a cliff anytime soon. Of course, the strong bullish reversal indicator double bottom also appeared at around $59,000.
The MACD is also flashing bullish signals, with its line sitting at 43.69, above the signal line at 124.97, with a positive histogram to boot. This all points to momentum building in Bitcoinâs favor.
Even the RSI is showing strength, sitting at 62.20. Itâs not quite in overbought territory yet, which means thereâs a lot of room for Bitcoin to climb.
FelelĆssĂ©gkorlĂĄtozĂł nyilatkozat: Harmadik felek vĂ©lemĂ©nyĂ©t tartalmazza. Nem minĆsĂŒl pĂ©nzĂŒgyi tanĂĄcsnak. SzponzorĂĄlt elemet tartalmazhat. LĂĄsd a FeltĂ©teleket.
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