Bitcoin price has surged in recovery alongside the stock market, ahead of the annual Jackson Hole Symposium—where Federal Reserve Chair Jerome Powell is set to speak. Major altcoins like Ethereum (ETH), Solana (SOL), and Ripple (XRP) are also rebounding, signaling renewed bullish momentum across the crypto market.
Key Market Drivers for Bitcoin Price
1. Jerome Powell’s Upcoming Speech
- Bitcoin briefly crossed $60,000 but stalled below $61,400 as investors tempered expectations ahead of Powell’s Friday speech.
- Markets await clues on future monetary policy, especially with potential Fed rate cuts on the horizon.
2. Network Activity Growth
- Active Bitcoin addresses spiked to 718,000 (from 567,000 on August 18), per Santiment.
- Rising activity suggests increasing trader interest and potential price volatility.
3. Bullish Derivatives Market
- Bitcoin derivatives volume rose 14.43% to $50.32 billion, with open interest up **5.24%** to $31.39 billion (Coinglass).
- Higher open interest and volume indicate growing speculation for further price gains.
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BTC Price Technical Outlook
- Bitcoin faced resistance at the 200-day EMA after reclaiming $60,000.
- A sharp pullback to $59,045 followed, likely due to profit-taking.
- The Super Trend indicator remains bullish, but traders need a confirmed break above $60,000 to reignite confidence.
Support Levels to Watch:
- **$58,000**: A break below could trigger a sell-off toward $56,000 or even $54,000.
- Resistance Target: $64,000, then $70,000 by September if bullish momentum holds.
FAQ Section
1. When could Bitcoin hit $70,000?
BTC is technically poised to challenge $64,000 first, with a potential run to $70,000 by September if market conditions favor bulls.
2. What is the Jackson Hole Symposium?
An annual event where central bankers and economists discuss global economic policies. Powell’s speech often influences market sentiment.
3. How might Powell’s speech impact Bitcoin?
Traders expect reaffirmation of the Fed’s plan to cut rates, which could boost risk assets like BTC.
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Disclaimer: This analysis reflects market conditions at publication. Cryptocurrencies are volatile—conduct your own research before investing.
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