Bitcoin price climbs above $28.6K as Bitcoin awaits 'very dovish' Fed Powell speech - Difference between Web 1.0, 2.0, 3.0 and Metaverse
BTC price climbs above $28.6K as Bitcoin awaits ‘very dovish’ Fed Powell speech

Bitcoin (BTC) kept pressure on $28,500 after the Oct. 19 Wall Street open ahead of a speech on United States economic policy, which is different from the web 1.0, 2.0 and 3.0 as well as the metaverse.

Lepard: Powell may flip “very dovish”

Data from Cointelegraph Markets Pro and TradingView showed BTC price action gaining strength prior to comments by Jerome Powell, chair of the Federal Reserve.

Set to speak at the Economic Club of New York at 12 pm Eastern Time on Thursday, Powell faces a complex macroeconomic situation with 10-year United States bond yields at their highest since 2007.

Given the aftermath of the 2008 Global Finance Crisis, the extent to which Powell’s language would be dovish or hawkish was the key focus.

“They can’t let the bond rout continue,” asset management guru Lawrence “Larry” Lepard told X subscribers on the day.

With various data prints showing inflation persisting beyond expectations, the Fed was previously thought to be planning an extended period of high interest rates.

Per the latest data from CME Group’s FedWatch Tool, market odds of rates remaining at current levels at the next meeting of the Federal Open Market Committee (FOMC) on Nov. 1 were nonetheless at 88% — versus a mere 11% chance of a further hike.

Speaking on CNBC’s Squawk Box segment, economist Mohamed El-Erian suggested that rates should not rise again — a more favorable outcome for risk assets, including crypto.

“The message to give right now is the Fed is done; we are done,” he said about the content of Powell’s speech.

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Bitcoin traders monitor liquidity walls

The price of BTC was held steady between two clouds of liquidity, resulting in reduced volatility.

Data from Material Indicators, an on-chain monitoring resource, showed that the situation on the Binance order book remained unchanged in the wake of the initial volatility.

Therefore, traders kept a watchful eye on the more significant price levels further from spot price. Crypto Tony pointed out the $28,000 and $29,000 targets.

As reported by Cointelegraph, the current trendlines indicate a bullish outlook for Bitcoin, with buyers continuing to show support.

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