Bitcoin Price Surges Towards $62k as Fed Chair Jerome Powell Declares ‘Time for Policy Adjustment’

Federal Reserve Jerome Powell outlined the Federal Reserve’s next steps for monetary policy in his speech on Friday morning at the Jackson Hole Economic Symposium. This annual event in Wyoming serves as a critical platform for central bankers to discuss potential policy shifts, and Powell’s address could have significant implications for global markets.

Investors are particularly eager to hear whether Powell will hint at future interest rate cuts. With the Federal Reserve’s current benchmark rate at a 23-year high of 5.25% to 5.50%, market participants are speculating on the possibility of rate reductions as early as September. Recent signs of cooling inflation and a stabilizing labor market add fuel to this speculation.

As reported by CNBC, he said, “The time has come for policy to adjust, The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks.”

As for Bitcoin (BTC), it is positioned just above the $60,000 mark, supported by an ascending triangle pattern. This technical formation typically signals a continuation of the current trend, which suggests that Bitcoin could break higher if it maintains its support level. The Relative Strength Index (RSI) is currently at 54, indicating neutral momentum with potential for further upside.

The immediate resistance for Bitcoin lies at $62,000. A break above this level could hint a significant bullish trend, potentially driving the price toward higher resistance levels. For Bitcoin, a bullish breakout above key resistance levels could lead to further price gains. However, much depends on the broader market context and how Powell’s remarks are interpreted by investors.

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