The rally in Bitcoin prices, which climbed above $64,000, was largely driven by expectations of a potential rate cut at the next Federal Reserve policy meeting scheduled for September 17th. Powell’s speech at the Jackson Hole Symposium confirmed that the Fed is considering adjusting its monetary policy, with the direction leaning toward easing.
Bitcoin ETFs also saw a major surge with over $250 million in net inflows, the highest since July, following hints of a potential rate cut at the Jackson Hole Symposium. Trading volumes for the 11 ETFs exceeded $3.12 billion. BlackRock’s iShares Bitcoin Trust (iBIT) led the way with $1.2 billion in trading activity and $83 million in inflows.
Overall, U.S.-listed spot Bitcoin ETFs experienced heightened activity, driven by positive market sentiment after Federal Reserve Chair Jerome Powell signaled possible monetary policy easing.
Important Bitcoin Analysis And Targets:
According to analyst Josh of Crypto World, Bitcoin is nearing critical resistance levels as technical indicators suggest potential bullish momentum in the short term.
Approaching Major Resistance
Current Resistance Levels: Bitcoin is testing a significant resistance around the $64,500 mark. A confirmed breakout above this level, particularly with a daily candle close, could pave the way for further upward movement.
Upcoming Targets: If Bitcoin successfully breaches the $64,500 resistance, the next major target lies between $67,000 and $68,300. A sustained move above $69,000 could signal a strong bullish trend, potentially leading to new all-time highs above $80,000.
Support Levels:
Key Support Zones: In case of a rejection at current resistance levels, Bitcoin has strong support around $63,000, followed by additional support between $60,000 and $61,000. Maintaining above these levels is crucial for preserving the short-term bullish structure.
Invalidation Point: A drop below $61,800 could invalidate the current bullish patterns and signal a potential shift back to bearish sentiment in the short term.
