“Bitcoin soars to new heights as it anticipates Jerome Powell’s speech, a potential catalyst for the digital currency’s unstoppable rally.”
Bitcoin (BTC) maintained its position around $28,500 following the opening of Wall Street on October 19th. This comes ahead of an important speech on US economic policy by Jerome Powell, the chair of the Federal Reserve. Powell’s speech comes at a time when the US bond yields are at their highest since 2007, raising concerns about a potential financial crisis. Lawrence “Larry” Lepard, an asset management guru, predicts that Powell will take a “very dovish” stance in his speech, leading to a rally in the US bond market.
Despite various data indicating persistent inflation, the market still expects interest rates to remain unchanged at the next Federal Open Market Committee meeting. Economist Mohamed El-Erian suggests that the Fed should not raise rates again, which would be favorable for risk assets, including cryptocurrencies.
Bitcoin traders are closely monitoring liquidity levels, which have resulted in reduced volatility. The price of BTC remains within specific support and resistance levels on the Binance order book.
Traders are looking for significant price movements beyond key levels such as $28,000 and $29,000. The overall trend for Bitcoin remains bullish, with strong buyer support.
It’s important to note that this article does not provide investment advice. As with any investment, it’s crucial to conduct thorough research and make informed decisions.