Bitcoin Surges Near $65K as Fed Signals Rate Cuts

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Bitcoins price has surged 6.79% from a low of $60,719 to a high of $64,947.
Federal Reserve Chairman Jerome Powells indication of potential rate cuts has boosted the crypto market.

In the latest crypto market update, Bitcoin has surged past $65,000 following signals from Federal Reserve Chairman Jerome Powell that rate cuts may be on the horizon. Powells comments on cooling inflation and concerns about labor market weakness have fueled optimism among investors, pushing Bitcoins price up by over 6.79% from a low of $60,719 to a high of $64,947 within the past 24 hours.

Ethereum and Solana also saw significant gains, rising 3.16% to $2,758 and 6.97% to $154, respectively. The positive momentum was further boosted by the support of Donald Trump by crypto-friendly RFK Jr., despite Kennedys exit from the presidential race.

Bitcoin Current Technical Analysis

At the time of writing, Bitcoin traded at $64,280 with a market cap of $1.27 trillion. Additionally, the daily trading volume has soared over 67.37% to $43.21 billion.

Technical indicators and market patterns support Bitcoins recent bullish trend. The cryptocurrency has recently broken out of a key price pattern, with a golden cross suggesting potential further gains. Further, on-chain analyst Ali predicts that Bitcoin could test $66,250 in the near future, following a recent prediction that it would reach $64,045.

The price chart reveals an inverse head-and-shoulders pattern, a common bullish signal, with Bitcoin breaking above the neckline at $63,500. The current price stands above the 23.36 Fibonacci retracement level, with a target near $67,350, indicating a potential increase of about 9.75% from the breakout level of $61,795.

Bitcoin (BTC) Price Chart (Source: TradingView)

The 21-day EMA is below the current price, indicating that the recent price levels are higher than the average price over the past 21 days. While the 21-day EMA confirms the breakout with a bullish crossover, the RSI is in overbought territory at 72.93. This suggests that the price may have risen too quickly and could face a potential pullback or consolidation soon, despite the overall bullish signal from the EMA crossover.

Further, the MACD shows a bullish trend. The MACDs positive momentum reinforces the likelihood of continued upward movement.

However, there are signs of weakening momentum, and resistance is noted near $66,000, which may impact further price movement. Bitcoins crucial support is at $60,000, with resistance between $64,250 and $65,500.

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Read more: https://thenewscrypto.com/bitcoin-surges-near-65k-as-fed-signals-rate-cuts/

Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M

Bitcoin News Bitcoin BTC Federal Reserve Written by Sarala On Sat, 24 Aug 2024 Disclaimer: Financial information and news are not financial advice, read the disclaimer. Buy & sell Crypto in minutes

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