Bitcoin Aims for $70,000 After Recent Price Jump

In This Post:

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.

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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.

#Bitcoin breaks $64,000

Bitcoin is +6% today so far, after Fed chairman Jerome Powell indicated rates would come down.#Bitcoin #BTC #Crypto #LQR #LaqiraProtocol pic.twitter.com/6nvhxpaqlN

— TOBTC (@_TOBTC) August 24, 2024

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.

Fed Confirms Upcoming Interest Rate Cuts, Bitcoin Nears $65,000 🚀💰

The most talked-about news in the U.S. stock market recently is the latest statement from Federal Reserve Chairman Jerome Powell, who finally announced the long-awaited decision to adjust interest rates. pic.twitter.com/Ei8fP5yL3E

— Coin Journalist (@Journalist_Coin) August 24, 2024

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.

#Bitcoin facing resistance here at $64.500.

Flip that, and the road to $70,000 and beyond is wide open.

Until then, go easy on the leverage – especially after a 6% day. pic.twitter.com/If7uKzibgU

— Jelle (@CryptoJelleNL) August 23, 2024

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.