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HomeFinance NewsBitcoin price set to reach $27K prior to Fed's Powell announcement.

Bitcoin price set to reach $27K prior to Fed’s Powell announcement.

Bitcoin experienced a surge in price after the Wall Street opening on September 28. Traders eagerly awaited an update from the United States Federal Reserve, specifically comments from Jerome Powell, the Chair of the Federal Reserve. The cryptocurrency market had experienced a “pump and dump” situation 24 hours prior to the surge in Bitcoin’s price. The market then saw a slower, gradual increase, with Bitcoin nearing $27,000 at the time of the article. The cryptocurrency appeared to react positively to recent macroeconomic data from the US. There were little resistance levels standing in the way of Bitcoin’s price reaching the $27,000 mark.

The main event of the day was Powell’s speech at the Fed’s Teacher Town Hall Meeting event. Powell’s previous statements had failed to have a noticeable impact on the crypto market. Daan Crypto Trades, a popular trader and analyst, observed that there was less “Open Interest” compared to the previous day’s highs, suggesting a less frenzied trading environment. However, Bitcoin still faced key resistance trend lines that needed to be overcome for a more significant trend change. Rekt Capital, another trader and analyst, suggested that Bitcoin could rally up to $29,000 to form a new Lower High and potentially experience a broader comedown.

It is important to note that this article does not offer investment advice or recommendations. All investment and trading decisions involve risks, and readers are advised to conduct their own research before making any decisions.

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