BTC Holds $60K as Fed Signals Smaller Rate Cut; Will Powell’s Speech Ignite a Bull Run?
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On August 22, 2024, BTC closed at $60,423 after a 1.16% decline, following a 3.50% rally. The total crypto market cap was $2.097 trillion. US jobless claims rose slightly, easing recession fears, while the S&P Global Services PMI unexpectedly increased, suggesting a 25-basis point rate cut by the Fed in September. The probability of a 50-basis point cut dropped from 38.0% to 26.5%. BTC-spot ETF inflows fluctuated, with Grayscale Bitcoin Trust experiencing $28.4 million in outflows. The US government holds 203,239 BTC, raising supply concerns. Fed Chair Powell's speech on August 23 at the Jackson Hole Symposium is anticipated to influence BTC demand. BTC's resistance levels are $64,000 and $69,000, while support is at $60,365 and $55,000. Ethereum (ETH) remains below key EMAs, with resistance at $2,664 and support at $2,403.
#Bitcoin #Ethereum #FederalReserve #RateCut #CryptoMarket #Powell #JacksonHole #Etf #EconomicData #MarketTrends
https://www.fxempire.com/forecasts/article/btc-holds-60k-as-fed-signals-smaller-rate-cut-will-powells-speech-ignite-a-bull-run-1455838
FX Empire /
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2024-08-23 02:49:28
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2024-08-23 02:49:28Event JSON
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"content": "BTC Holds $60K as Fed Signals Smaller Rate Cut; Will Powell’s Speech Ignite a Bull Run?\n==========\n\nOn August 22, 2024, BTC closed at $60,423 after a 1.16% decline, following a 3.50% rally. The total crypto market cap was $2.097 trillion. US jobless claims rose slightly, easing recession fears, while the S\u0026P Global Services PMI unexpectedly increased, suggesting a 25-basis point rate cut by the Fed in September. The probability of a 50-basis point cut dropped from 38.0% to 26.5%. BTC-spot ETF inflows fluctuated, with Grayscale Bitcoin Trust experiencing $28.4 million in outflows. The US government holds 203,239 BTC, raising supply concerns. Fed Chair Powell's speech on August 23 at the Jackson Hole Symposium is anticipated to influence BTC demand. BTC's resistance levels are $64,000 and $69,000, while support is at $60,365 and $55,000. Ethereum (ETH) remains below key EMAs, with resistance at $2,664 and support at $2,403.\n\n#Bitcoin #Ethereum #FederalReserve #RateCut #CryptoMarket #Powell #JacksonHole #Etf #EconomicData #MarketTrends\n\nhttps://www.fxempire.com/forecasts/article/btc-holds-60k-as-fed-signals-smaller-rate-cut-will-powells-speech-ignite-a-bull-run-1455838",
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