The Bitcoin (BTC) price rejected strong resistance in the form of its 50DM around $61,300 on Thursday, subsequently falling back to around $64,000, despite new economic data coming out that pushes back on the idea that the US economy is nearing a recession.

As the Service Sector continues to expand in the United States, the potential to steer clear of a recession remains promising. Today, the service PMI once again registered at 55.It remains imperative for the US Consumer to sustain their spending habits, as any deviation from… pic.twitter.com/ISOwQbFBdE

— Andrea Lisi, CFA (@Andrea_Texas_82) September 17, 2024
But Fed Chair Jerome Powell is expected to signal an incoming series of interest rate cuts beginning next month in a speech tomorrow. Could this send the Bitcoin price vaulting higher?

Will Powell Send the Bitcoin Price Surging?
Fed Chair Jerome Powell is expected to signal the start of a series of 25 bps rate cuts starting next month at tomorrow’s Jackson Hole speech.

Given that market’s are currently pricing in a modest 25% probability of 50bps rate cut next month, that could be a marginal disappointment to some traders betting on bigger and faster rate cuts.

The Bitcoin price could therefore see some marginal downside as bets on a 50bps rate cut are wound down.

But the size of the September rate cut won’t be the main point of focus.

Rather, the Fed’s longer-term plans will be. I.e. how far and fast will the Fed cut interest rates in the coming years.

Markets are currently pricing around 125bps worth of easing by the end of 2025, per CME data .

Powell’s remarks will be closely watched as they could impact these longer-term expectations.

Even if these longer-term expectations remains un-impacted, the fact that a Fed rate cutting cycle is incoming is likely to still be $
That’s because lower interest rates mean more liquidity in the economy and financial markets.

$BTC
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The Bitcoin (BTC) price rejected strong resistance in the form of its 50DM around $61,300 on Thursday, subsequently falling back to around $60,000, despite new economic data coming out that pushes back on the idea that the US economy is nearing a recession.

As the Service Sector continues to expand in the United States, the potential to steer clear of a recession remains promising. Today, the service PMI once again registered at 55.It remains imperative for the US Consumer to sustain their spending habits, as any deviation from… pic.twitter.com/ISOwQbFBdE

— Andrea Lisi, CFA (@Andrea_Texas_82) August 22, 2024
But Fed Chair Jerome Powell is expected to signal an incoming series of interest rate cuts beginning next month in a speech tomorrow. Could this send the Bitcoin price vaulting higher?

Will Powell Send the Bitcoin Price Surging?
Fed Chair Jerome Powell is expected to signal the start of a series of 25 bps rate cuts starting next month at tomorrow’s Jackson Hole speech.

Given that market’s are currently pricing in a modest 25% probability of 50bps rate cut next month, that could be a marginal disappointment to some traders betting on bigger and faster rate cuts.

The Bitcoin price could therefore see some marginal downside as bets on a 50bps rate cut are wound down.

But the size of the September rate cut won’t be the main point of focus.

Rather, the Fed’s longer-term plans will be. I.e. how far and fast will the Fed cut interest rates in the coming years.

Markets are currently pricing around 125bps worth of easing by the end of 2025, per CME data .

Powell’s remarks will be closely watched as they could impact these longer-term expectations.

Even if these longer-term expectations remains un-impacted, the fact that a Fed rate cutting cycle is incoming is likely to still be a tailwind for the crypto market, even if its expected.

That’s because lower interest rates mean more liquidity in the economy and financial markets. And that liquidity usually ends up chasing riskier assets like Bitcoin.

$BTC
$BNB

TRON (CRYPTO:TRX) has recently experienced a significant surge, reaching a three-year peak above $0.165.

This rally comes on the heels of the debut of SunPump, a new meme coin deployer on the TRON network, which has captured the attention of the crypto market.

Since its launch on August 12th, SunPump has generated over $1.14 million in revenue, with more than 7,000 new coins created, fueling a wave of interest in TRON and its native token, TRX.

The launch of SunPump has led to a 22% increase in TRX’s market price, briefly pushing it close to $0.17.

This surge has sparked optimism among analysts, who predict continued bullish momentum for TRON in the mid-term, despite the potential for short-term volatility.

The increased activity on the TRON network, particularly in the realm of meme coin launches, has also led to a rise in TRX burns, signaling heightened demand and a shrinking supply.

TRON’s growing reputation as a hub for meme coins, with popular tokens like SUNDOG (CRYPTO:SUNDOG) leading the charge, has drawn comparisons to previous meme coin seasons that saw massive price rallies.

This development, coupled with ongoing partnerships and collaborations with hedge funds, is expected to further enhance TRON’s visibility and trading volume.

Additionally, the influence of TRON’s founder, Justin Sun, and his reputation in the crypto community, has bolstered investor confidence in the project’s potential for growth.

SunPump’s growth trajectory has been impressive, with the platform recording its highest revenue on August 20th, earning nearly 2.78 million TRX.

Despite the challenges associated with the resurgence of meme coins, including scams and rug pulls, Justin Sun remains optimistic, asserting that the success of these tokens is not by chance.

As TRON continues to gain traction, its recent performance signals strong market interest and a promising future.

At the time of reporting, the TRON price was $0.154
$TRX $BTC

Analyst Anand Raj's latest report suggests that Bitcoin may be on the verge of breaking out of the $61,800 key supply zone. The analysis shows that the price level has been tested several times without any significant retracement, suggesting that a breakout is more likely.

According to Raj, expectations that the Federal Reserve may cut interest rates in September, coupled with increased inflows into U.S. bitcoin ETFs, will drive bitcoin prices higher. The market is expected to return to a bullish mood as institutional money continues to flow in.
$BTC
#ROLEX

After listening to the listing on Binance, I think DOGS will give good profit to everyone

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The Tomarket airdrop is coming! 🪂

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