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Bitcoin Could Soon Retest $63k As Jerome Powell Speech Today Could Trigger Major BTC Price Move

Bitcoin continues its range-bound trading pattern for the second consecutive day, with only a slight uptick. As of press time, Bitcoin is trading at $61,887.60, marking a modest increase of 0.16%. Despite this subdued movement, several indicators suggest that Bitcoin could be on the brink of a significant breakout.

Whales Are Buying Up Bitcoin At $60k

A critical positive indicator is the behavior of long-term Bitcoin holders. Data from Glassnode reveals that whales have recently added 70,000 BTC to their wallets. This accumulation occurs while Bitcoin remains confined within the $60,000 to $63,000 range. The significance of this accumulation cannot be overstated; it suggests that those with substantial Bitcoin holdings perceive the $60,000 level as a strong support level and are confident that Bitcoin’s price will climb higher.

Bitcoin Investors Watching Jerome Powell’s Speech 

In addition to the behavior of long-term holders, the market is keenly anticipating remarks from Federal Reserve Chairman Jerome Powell. Scheduled to speak at 09:00 AM CT today, Powell’s comments are expected to provide crucial insights into the Federal Reserve’s economic outlook and policy direction. Investors are focusing on upcoming economic data releases, including the Producer Price Index (PPI) and the Consumer Price Index (CPI).

Dovish Fed Could Trigger A Rally 

If these data points suggest that inflation is easing, it could signal a potential shift in the Federal Reserve’s monetary policy. Specifically, signs of easing inflation might lead to speculation that the Fed could cut interest rates within the year. Such a move would likely be bullish for Bitcoin, as lower interest rates can drive investors towards riskier assets like cryptocurrencies in search of higher returns.

Market analysts are optimistic that Bitcoin could rally substantially, reaching $70,000 within the week. This optimism is fueled by whale accumulation and the potential for favorable economic signals from the Fed. The $70,000 level is seen as a psychological barrier and a critical resistance point. If breached, it could open the door to even higher prices.

$100K A Realistic Target For 2024 

Looking further ahead, some analysts speculate that Bitcoin could surge to $100,000 or more by the end of the year, especially if the economic environment turns more favorable. Converging vital on-chain metrics and macroeconomic factors creates a potent mix that could drive Bitcoin to new heights.

In conclusion, while Bitcoin’s price remains relatively stable, the underlying dynamics suggest a significant move could be imminent. The accumulation of Bitcoin by long-term holders indicates confidence in a price increase, and the potential for dovish signals from the Federal Reserve adds to the bullish sentiment. Investors will be closely watching today’s economic announcements and Fed commentary, as they could be the catalysts that propel Bitcoin out of its current range and toward new highs.

Related: Jack Dorsey predicts Bitcoin price will reach $1 million by 2030

Bitcoin Makes Bullish Reversal Ahead Of Fed Speech 

Bitcoin shows signs of a bullish reversal after hitting critical support at $61,571.43. This comes about an hour before the Fed chairman’s speech. If bulls can sustain this momentum, the next crucial level to watch will be the $63,298.80 resistance. Breaking this resistance would see Bitcoin hit a high of $70k within the day. 

However, if buying volumes drop, Bitcoin could continue consolidating between the $61,571.43 support and $63,298.80 resistance for the remainder of the day. On the other hand, if bears take control and push Bitcoin through the $61,571.43 support, then Bitcoin could retest $60k critical support. 

Which Way For Bitcoin Today?

While Bitcoin shows signs of a bullish reversal today, the critical direction determinant will be the Fed Chairman’s speech today. If the Fed Chairman hints at a possible rate cut, Bitcoin could rally in the day. On the other hand, if he remains hawkish, then Bitcoin and other assets could turn bearish in the short term. However, due to factors such as whale buying and institutional investments through ETFs, Bitcoin will likely hold above critical support at $60k. Bitcoin is on the verge of a breakout today, depending on how news coming out of the US plays out. 

Read More: The future of Bitcoin: predictions for the next decade

Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.