As a seasoned researcher with years of experience in the dynamic world of cryptocurrencies, I find myself intrigued by the current state of the market, particularly Bitcoin and its peers. The recent surge in price, coinciding with the Jackson Hole Symposium, has sparked a wave of optimism that echoes the rhythm of a well-orchestrated symphony.
The price of Bitcoin picked up speed in its rebound from Monday, syncing with the stock market and before the Jackson Hole Symposium where Fed Chair Jerome Powell will deliver a speech. Similarly, major altcoins like Ethereum (ETH), Solana (SOL), and Ripple (XRP) began to recover too, hinting at a potential new bullish phase for the entire crypto market.
Bitcoin Price Market Movers: Jerome Powell Speech, Network Activity Growth, Bullish Derivatives Market
- Bitcoin price climbed above $60,000 during the Asian session but hit a snag below $61,400 amid tempered expectations from the annual Jackson Hole Economic Policy Symposium, starting August 22. Powell’s speech on Friday comes at a crucial time for the US economy and the world over. Interest rates in the country are at their highest level in decades amid easing inflation and slowing economic activity.
The crypto community will be looking forward to hints from Powell’s speech on the direction of monetary policy, seeing that the Fed has set the stage for interest rate cuts. Economists expect Powell to stay in line with his remarks after July’s FOMC meeting and possibly affirm the central bank’s commitment to easing interest rates quickly if the labor market continues to underperform.
According to Yahoo Finance, stocks and BTC price had started gaining amidst growing optimism for the Jackson Hole Symposium. However, history reveals that stocks tend to rally after the event, spreading risk-on sentiment to crypto and other global assets like gold.
Bitcoin price is fundamentally strong courtesy of Santiment data, which shows a considerable spike in the active addresses metric to 718k from approximately 567k recorded on August 18. Increasing active addresses suggest rising trader interest in Bitcoin and potential price volatility. Positive weighted sentiment points to growing market confidence, which could bolster upward momentum.
- As per Coinglass data, the derivatives market upholds the bullish thesis, with the volume metric increasing by 14.43% to $50.32 billion and the open interest by 5.24% surge to $31.39 billion. It is worth mentioning that rising BTC derivatives OI and volume signal higher market activity and speculation further increase in price.
BTC Price Analysis: Poised For More Gains
The upward momentum of Bitcoin, which had surpassed $60,000, started to decelerate when it met resistance from the 200-day Exponential Moving Average (EMA). After a tough fight to clear this obstacle and maintain a bullish stance towards $70,000, Bitcoin experienced a sudden drop, trading at $59,045.
Although the recent dip might be caused by profit-taking, the Super Trend remains optimistic about Bitcoin and following its upward trajectory. Nevertheless, investor confidence in the uptrend will increase significantly if the bulls successfully push prices back above the $60,000 resistance point.
According to earlier predictions on Bitcoin price, a decline could sweep through major digital currencies once the $58,000 support is breached. Subsequent tests at $56,000 and potentially even $54,000 might occur as market participants hunt for additional liquidity during this time.
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2024-08-20 19:23