Bitcoin prices are rising rapidly, approaching highs not reached in the past two years. Currently hovering around $68,000, the cryptocurrency is on the verge of breaking through the elusive $69,000 mark, a resistance it has not breached since its last all-time high.
Important upcoming events in the market have attracted the attention of traders and enthusiasts, and these events may further influence the trend of Bitcoin. Among them, the focus will be on a series of key economic data and Federal Reserve communications that will be released soon.
On Tuesday, Michael Barr, the Fed's vice chairman of oversight, is scheduled to speak, setting the stage for a week of high-impact events. This will be followed by Federal Reserve Chairman Jerome Powell's annual testimony to Congress on Wednesday and Thursday, in which he will elaborate in depth on the central bank's stance on interest rate policy. The market's reaction to Powell's speech could be either favorable or unfavorable, adding to the uncertainty surrounding the current rally.
In addition, key data will be released on Friday, including the U.S. non-farm payrolls report and unemployment rate data.
Bitcoin is well on its way to breaking through the $70,000 mark. While the recent break above $65,000 indicates strong buying interest, the market remains highly vigilant even in the face of overbought signals.
The goal now is to see if Bitcoin can break the $70,000 mark in the short term.
