• October 21, 2025
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Bitcoin is close to hitting $70,000 after a 5% rise following Powell’s speech. Find out what this means for traders and the crypto market.

Bitcoin Aims for $70,000 After Recent Price Jump

In This Post:

Contents
Powell’s Speech Boosts ConfidenceChallenges Ahead for BitcoinLooking Forward
  1. Bitcoin jumps 5% after Powell’s speech at Jackson Hole.
  2. A key breakout could push Bitcoin to $70,000 soon.
  3. Resistance at $64,000 may slow Bitcoin’s progress.

Bitcoin (BTC) jumped 5% on Friday. This increase came after Federal Reserve Chair Jerome Powell spoke at the Jackson Hole Symposium. His comments were positive for the market. Stocks and cryptocurrencies both went up. Bitcoin, which was already up 6.6% earlier in the week, now sits at $63,323. Investors are watching closely as Bitcoin gets closer to $70,000.

Powell’s Speech Boosts Confidence

Powell’s speech had a big impact. He said the labor market is cooling, which helps reduce inflation worries. He also hinted that interest rate cuts could happen soon, depending on future data. This news made investors more confident.

Key points from Powell’s speech:

  • The job market is slowing down, which eases inflation concerns.
  • Powell does not see a recession coming soon.
  • Future rate cuts will depend on economic data.

This positive tone helped push Bitcoin higher.

Bitcoin Approaches $70,000

Bitcoin’s recent rise is backed by strong signals on the charts. If the trend continues, Bitcoin could climb by another 13% and reach $70,000. This might lead to more buying as people fear missing out (FOMO).

Traders are watching resistance levels at $64,000 and $66,000. If Bitcoin can break through these levels, it could move higher. The crossover of the 20-day and 50-day moving averages also supports this positive outlook.

Challenges Ahead for Bitcoin

Even with the positive trend, there are challenges. The resistance at $64,000 and $66,000 could slow down Bitcoin’s rise. The market is also waiting for more news from the Federal Reserve about rate cuts. Global market conditions, including liquidity, could still affect Bitcoin.

But if Bitcoin dips, it could be a good buying opportunity.

Looking Forward

Bitcoin’s recent gains, driven by Powell’s speech and strong technical signals, bring it closer to $70,000. Traders are hopeful, but key resistance levels and future Fed decisions could impact Bitcoin’s rise. If Bitcoin clears these obstacles, it could not only reach $70,000 but continue to grow.

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Mridul Srivastava

Mridul Srivastava is a renowned Web3 journalist and a valued contributor at Blockcrux. Armed with a Masters in Computer Engineering from the Indian Institute of Technology (IIT) and a passion for blockchain technologies, Mridul has been able to lend deep technical expertise to his writing. He has spent several years working as a blockchain developer before turning to journalism, giving him a unique perspective and ability to simplify intricate crypto concepts for the everyday reader. Mridul's work has been published widely across the blockchain and tech industry, earning him a reputation as a credible, insightful voice in the Web3 space. As part of Blockcrux, Mridul is committed to providing readers with reliable, cutting-edge news while promoting transparency and literacy in the decentralized digital landscape.
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