Bitcoin's Rollercoaster Ride
Bitcoin experienced a surge in price after the September 28 Wall Street opening as traders eagerly anticipated an announcement from the United States Federal Reserve. The cryptocurrency, which had seen a "pump and dump" just 24 hours earlier, reached highs of $26,823 on Bitstamp before retreating. However, it then slowly climbed higher, with hopes of reaching the $27,000 mark.
Market Reaction to US Macroeconomic Data
Bitcoin seemed to respond positively to the latest US macroeconomic data, including lower-than-expected GDP growth for Q2 and in-line-with-expectations data on Personal Consumption Expenditures (PCE) index for August. Investors were keen to witness the potential volatility these developments could bring to the market.
The Powell Factor
The main event of the day was Federal Reserve Chair Jerome Powell's comments on the cryptocurrency market. Powell's previous remarks had failed to produce any noticeable impact, but market participants were hopeful that this time would be different. Powell's speech was scheduled for the Fed's "Conversation with the Chair: A Teacher Town Hall Meeting" event in Washington, D.C.
The State of Bitcoin Markets
According to popular trader and analyst Daan Crypto Trades, the strength of Bitcoin's price movement on this day seemed more promising compared to the previous day. Fellow trader and analyst Rekt Capital highlighted key resistance levels that Bitcoin needed to overcome in order to bring about a substantial trend change. However, Rekt Capital also suggested that Bitcoin could still face a broader comedown and may even reach around $29,000.
Please note that this article is not intended as investment advice. Readers are advised to conduct their own research and make informed decisions.
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