The bitcoin price has climbed from around $40,000 at the beginning of the year, past its peak of $70,000 before falling back to around $60,000 and under.
Earlier this week, the Federal Open Market Committee's (FOMC) July meeting minutes revealed policymakers are more dovish than thought, suggesting they're ready for rates to begin coming down after rocketing to 23-year highs at a historical pace through the Biden administration. After Powell's speech where he indicates that now it's the time to change policy which was the bullish sentiment and market started to give reactions, Gold reached the new ATH and stocks rises too.
While $BTC hold $60k zone so well that it got a breakout after Powell's fuel the market, these sideways are blessings because:
"While these sideways weeks like this might feel uneventful for crypto traders, they are crucial for bitcoin's long-term health. The last several months have allowed bitcoin to build a solid support base around the $60,000-$70,000 range. A look at bitcoin's monthly chart reveals that the asset has been consolidating near its 2021 high for over six months. If bitcoin breaks out of this range now, it would likely have a much stronger upward momentum than it would have had if the breakout happened earlier this year."
Other market watchers have pointed to the looming U.S. presidential election, which has divided the Democratic Party and Republicans over bitcoin and crypto, as a potential "catalyst" for a bitcoin price boom.
"The true signifier of a bull market period will be once bitcoin decisively breaks $62,000. And then following that, $72,000 will cement the market into a new trading pattern. The upcoming U.S election may eventually be a catalyst for higher prices, too."
