Kryptodata

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  • BTC Dominance: 51.37%
Could Bitcoin reach $27K soon? Recent 1-week price highs coincide with upcoming speech by Fed's Powell

Could Bitcoin reach $27K soon? Recent 1-week price highs coincide with upcoming speech by Fed’s Powell

Bitcoin experienced a price boost as the latest U.S. macro data was released, with all eyes now on Jerome Powell’s upcoming speech. The cryptocurrency reached new weekly highs after the Wall Street open, following a previous “pump and dump” event. Bitcoin reacted positively to the U.S. macroeconomic data, with bulls pushing the price closer to $27,000. However, it remains to be seen how Powell’s comments will impact the market. Traders are cautiously optimistic about the current move, but are still wary of a potential retracement. Key resistance trend lines are now in play, and Bitcoin will need to overcome them to see a more substantial trend change.

Summary:

– Bitcoin’s price increased after the release of U.S. macro data.

– The cryptocurrency reacted well to the data, reaching new weekly highs.

– Jerome Powell’s upcoming speech is eagerly anticipated by the market.

– Traders are cautiously optimistic about the current move, but remain wary of a potential retracement.

– Bitcoin will need to overcome key resistance trend lines for a more significant trend change.

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