bitcoin (btc) hit new weekly highs after the Wall Street open on September 28 as markets awaited new signals from the US Federal Reserve.
bitcoin summons volatility ahead of Powell speech
Data from Cointelegraph Markets Pro and TradingView showed btc price strength returning on September 28, having delivered what some referred to the classic “pump and empty” 24 hours before.
During that performance, highs of $26,823 appeared on Bitstamp due to 2% daily gains before bitcoin retraced its entire progress.
A slower bullish move then ensued, with bulls approaching $27,000 at the time of writing.
bitcoin seemed to react well to the latest US macroeconomic data.
Second quarter gross domestic product grew 1.7% year-on-year (below the 2.0% projected), while August personal consumption expenditure (PCE) index data was in line with expectations.
“Bring on the volatility,” Keith Alan, co-founder of tracking resource Material Indicators, said X (formerly Twitter) followers beforehand.
Binance btc/USD order book data uploaded by Alan showed little resistance standing in the way of the spot price below the $27,000 mark.
Marked #FireCharts to help you see the weekly/monthly range of btc?src=hash&ref_src=twsrc%5Etfw”>#btc. pic.twitter.com/LQs8i2rZcV
—Keith Alan (@KAProductions) September 28, 2023
Meanwhile, the macroeconomic data was just a prelude to the day’s main event, and Federal Reserve Chairman Jerome Powell will comment later.
Powell, whose recent words failed to spark notable volatility in crypto markets, was due to speak at the Federal Reserve’s “Conversation with the President: A Teachers’ Town Hall” event in Washington, DC at 4:00 p.m. Eastern (8:00 pm UTC).
btc price is not out of the woods
Commenting on the situation of the bitcoin markets, popular trader and analyst Daan crypto Trades was more optimistic about the strength of the day’s movement compared to September 27.
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“We are back to yesterday’s highs but with considerably lower open interest,” he said. noted.
“There is certainly a lot of persecution here, but it is less foamy than yesterday. I would still like the longs to relax so we don’t have a complete pullback later.”
An accompanying chart tracked open interest as btc/USD rose.
Meanwhile, trader and analyst Rekt Capital pointed out key resistance trend lines that are now in play, with bitcoin required to break above them to effect a more substantial trend change.
btc?src=hash&ref_src=twsrc%5Etfw”>#btc is back in the Bull Market Support Band group of moving averages, which presents a challenge to overcome them$btc crypto?src=hash&ref_src=twsrc%5Etfw”>#crypto bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin pic.twitter.com/c32BiQOwJ5
-Rekt Capital (@rektcapital) September 28, 2023
Elsewhere in the day’s analysis, Rekt Capital acknowledged that $29,000 could reappear and remain part of a broader bitcoin decline.
“It is important to remember that bitcoin could technically rise up to ~$29,000 to form a new Lower High (AB Phase),” he said. explained next to a graph.
This article does not contain investment advice or recommendations. Every investment and trading move involves risks, and readers should conduct their own research when making a decision.
