NEW: FREE Web3 Resume Cheat Sheet DOWNLOAD NOW

Bitcoin makes way to $65K as Powell decides to cut interest rates

573062
Bitcoin makes way to $65K as Powell decides to cut interest rates

Contents

Share link:

Wake up, bulls! It’s your time to shine. Federal Reserve chairman Jerome Powell has finally agreed to cut America’s interest rates next month ahead of the presidential election.

Bitcoin was quick to react, even before Powell said “the time has come for monetary policy changes” during his speech at Jackson Hole, Wyoming.

He has made it clear that the Fed is ready to tweak its policies based on the current economic situation, with inflation cooling down and the job market getting weaker.

Powell and Bitcoin
Jerome Powell

He didn’t give exact details on when or how much the cuts will be, but the message was clear: rate cuts are on the way

At press time Bitcoin was trading around $61,524.92, with a slight uptick, making its way straight to the next major critical level at $65,000.

The Moving Averages, for instance, are lining up nicely. The price is above the 50-day and 100-day Simple Moving Averages, and it’s closing in on the 200-day SMA. 

Bitcoin makes way to $65K as Powell decides to cut interest rates

This alignment usually signals strong support levels, giving traders confidence that Bitcoin isn’t going to drop off a cliff anytime soon. Of course, the strong bullish reversal indicator double bottom also appeared at around $59,000.

The MACD is also flashing bullish signals, with its line sitting at 43.69, above the signal line at 124.97, with a positive histogram to boot. This all points to momentum building in Bitcoin’s favor.

See also  Bitcoin February flip! Retail dumps, whales prepare for the next leg up

Even the RSI is showing strength, sitting at 62.20. It’s not quite in overbought territory yet, which means there’s a lot of room for Bitcoin to climb.

$65,000 seems attainable for now, but even if BTC manages to smash that, it’s likely that it’ll be temporary. A short-term pullback is still expected until the Federal Reserve actually cuts the interest rates.


*This story is developing and will be updated.*

Cryptopolitan Academy: FREE Web3 Resume Cheat Sheet - Download Now

Share link:

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Most read

Loading Most Read articles...

Stay on top of crypto news, get daily updates in your inbox

Editor's choice

Loading Editor's Choice articles...
Subscribe to CryptoPolitan