Bitcoin (BTC) surged to new weekly highs on September 28, following the opening of Wall Street, as investors awaited fresh signals from the Federal Reserve. The price of BTC saw a comeback after what some referred to as a “pump and dump” the previous day. Although BTC reached highs of $26,823 before retracing its progress, it steadily climbed closer to $27,000 thereafter.
The market reacted positively to the latest U.S. macroeconomic data. Despite Q2 GDP growth falling slightly below projections at 1.7% year on year, and the PCE index data for August meeting expectations, Bitcoin continued its upward trajectory. Keith Alan, co-founder of monitoring resource Material Indicators, expressed excitement about the potential volatility in BTC markets.
The main event of the day, however, was the speech by Jerome Powell, the chair of the Federal Reserve. Despite Powell’s recent remarks failing to impact crypto markets significantly, investors were curious to hear his comments at the “Conversation with the Chair: A Teacher Town Hall Meeting” event in Washington, D.C.
Popular trader and analyst Daan Crypto Trades commented on the day’s developments, noting that BTC’s move was stronger compared to the previous day. Although there may still be long positions chasing after BTC’s recent rally, Daan Crypto Trades emphasized the importance of avoiding a full retracement.
Another trader and analyst, Rekt Capital, highlighted the key resistance trend lines that BTC needed to overcome to confirm a substantial trend change. BTC’s ability to exceed these resistance levels would signal a more positive outlook. Rekt Capital also acknowledged the possibility of BTC reaching $29,000 before experiencing a broader comedown.
It’s important to note that this article does not contain investment advice or recommendations. Readers should conduct their own research and exercise caution when making investment decisions.
