Fed’s Powell Speech Precedes Bitcoin Price Highs of $27K

As investors looked to the United States Federal Reserve for fresh cues, Bitcoin (BTC) soared to new weekly highs shortly after the Sept. 28 Wall Street open.

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Bitcoin volatility increases as Powell prepares to speak

Data from Cointelegraph Markets Pro and TradingView revealed that BTC prices had a strong comeback on Sept. 28, with some referring to it as a classic “pump and dump” that had seen highs of $26,823 on Bitstamp before retracing all of its gains.

The slow climb higher continued, with bulls pushing closer to the $27,000 mark as of writing.

The latest U.S. macroeconomic data prints appear to have had a positive effect on Bitcoin. The Gross Domestic Product for Q2 grew by 1.7% year on year, lower than the projected 2.0%, while the Personal Consumption Expenditures (PCE) index data for August was in line with expectations.

Keith Alan, co-founder of Material Indicators, tweeted that “volatility is coming” ahead of the day’s main event, the “Conversation with the Chair: A Teacher Town Hall Meeting” in Washington, D.C. at 4:00 pm Eastern Time (8:00 pm UTC) with Jerome Powell, the Federal Reserve chair. Powell’s words have not had a major impact on crypto markets in the past.

The Binance BTC/USD order book showed little resistance under the $27,000 mark. Alan also provided data on this.

As Powell prepares to speak, investors should brace for potential crypto volatility.

BTC price not out of the woods

Daan Crypto Trades, a popular trader and analyst, was more hopeful about the power of the day’s move compared to Sept. 27. “Back to yesterday’s highs but with considerably less Open Interest,” he remarked, along with a chart showing open interest as BTC/USD rose.

Rekt Capital, another trader and analyst, identified key resistance trend lines that Bitcoin should pass to create a more significant trend change. He also noted that $29,000 could be seen once more and still be part of Bitcoin’s overall decline. “It’s important to remember that Bitcoin could technically rally to even as high as ~$29,000 to form a new Lower High (Phase A-B),” he said, accompanied by a chart.

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