March 14, 2025
Bitcoin to K next? One-week BTC price highs precede Fed’s Powell

After Wall Street opened on September 28, Bitcoin (BTC) hit a new high next week as the market awaited new clues from the Federal Reserve.

BTC/USD 1 hour chart. Source: TradingView

Bitcoin sparks volatility ahead of Powell’s speech

Data comes from Cointelegraph Markets Pro and trading view Showing BTC Price Strength Comes Back on the Day and Delivers some mention As a classic “pump and sell” 24 hours ago.

During that performance, Bitstamp saw a high of $26,823 as it posted daily gains of 2% before Bitcoin retraced all gains.

Subsequently, the price slowly increased, with bulls approaching $27,000 at the time of writing.

Bitcoin seems to be reacting well to the latest US macroeconomic data.

Second-quarter GDP grew 1.7% year-on-year, below expectations of 2.0%, while August personal consumption expenditures (PCE) index data were in line with expectations.

“Bring volatility,” said Keith Alan, co-founder of monitoring resource Material Indicators. Tell X subscribers in advance.

Binance BTC/USD order book data uploaded by Allen shows that the spot price has encountered little resistance below the $27,000 mark.

The macro data is just a prelude to the day’s main events, while Federal Reserve Chairman Jerome Powell will comment later.

Powell’s recent comments failed to bring significant volatility to the cryptocurrency market, due to speaking The Federal Reserve’s “Conversations with the Chairman: Faculty Town Hall” event in Washington, D.C., at 4 p.m. ET.

Bitcoin price is not out of the woods yet

Commenting on the state of the Bitcoin market, popular trader and analyst Daan Crypto Trades was more optimistic about the day’s movements compared to September 27.

Related: Bitcoin Halving Raises “Efficient” BTC Mining Cost to $30,000

“Back to yesterday’s highs, but open interest is down significantly,” he said famous.

“There’s no doubt the bulls are chasing here, but it’s less frothy than yesterday. Still hoping to see the bulls calm down to avoid a full-blown pullback later.”

BTC/USD chart with open interest data. Source: Daan Crypto Trades/X

The accompanying chart tracks open interest as BTC/USD moves higher.

Meanwhile, trader and analyst Rekt Capital has pointed out key resistance trend lines currently in play that Bitcoin will need to overcome in order to achieve a more substantial trend change.

In an analysis of the day, Rekt Capital acknowledged that $29,000 could resurface and remain part of Bitcoin’s broader decline.

“It’s important to remember that technically Bitcoin could even rise to around $29,000, forming a new lower high (stage AB),” he said explained There is a chart next to it.

This article does not contain investment advice or recommendations. Every investment and trading activity involves risks, and readers should do their own research when making decisions.