Fed Chair Powell’s Speech Could Shake Markets—Will Bitcoin Price Rally? 

Federal Reserve Chair Jerome Powell is expected to make waves during his keynote speech at the Jackson Hole Economic Symposium. This annual gathering in Wyoming has long been a platform for central bankers to signal policy shifts, and Powell’s upcoming address could be no exception.

The speech, scheduled for Friday, comes as markets eagerly anticipate hints about potential interest rate cuts.

The Fed’s current benchmark rate is at a 23-year high, ranging between 5.25% and 5.50%. As inflation begins to cool and the labor market shows signs of stabilizing, there is growing speculation that the Fed may start reducing rates as early as September.

Anticipating Market Shifts: Powell’s Upcoming Speech and Its Impact

As investors closely watch the Federal Reserve’s next move, the anticipation around Chair Jerome Powell’s upcoming speech intensifies.

The markets are already factoring in the potential for a rate cut, with CME Group data suggesting a 75% probability of a 25 basis point reduction in September and a 25% chance of a more significant 50 basis point cut.

“Powell is likely to signal that a rate cut is on the horizon, though he may remain non-committal about its magnitude,” says Matthew Luzzetti, Chief U.S. Economist at Deutsche Bank.

The stakes could rise further if the next jobs report disappoints, increasing the odds of a more substantial cut. Powell’s speech is poised to be a pivotal moment for investors, potentially setting the tone for the markets in the coming months.

Bitcoin Eyes Bullish Breakout: Key Levels to Watch Above $60,000

Bitcoin (BTC/USD) trades just above the $60,000 mark, supported by an ascending triangle pattern. This pattern typically signals a continuation of the current trend, suggesting that BTC could break higher if it maintains this support level.

The immediate resistance lies at $61,800, forming a triple-top pattern. If Bitcoin breaks above this resistance, it could signal a significant bullish trend, potentially driving prices towards higher resistance levels.

On the downside, immediate support is $59,800, with further support at $57,883 and $56,151. The 50-day EMA at $59,811 offers additional support, keeping the bullish sentiment intact.

The RSI is at 54, indicating neutral momentum with room for further upside.

Conclusion: Watch for a bullish breakout above $61,800 for a potential continuation of the upward trend.

You might also like Bitcoin Price Prediction 2024 – 2034

Why Pepe Unchained ($PEPU) Deserves a Spot in Your Crypto Portfolio

As meme coins gain momentum, $PEPU emerges as a strong contender, offering potential for substantial returns.

Presale Opportunity: Investing in $PEPU during its presale phase could lead to significant gains, with experts like Jacob Crypto Bury endorsing its potential.

Lucrative Staking Rewards: With a 499% APY staking feature, $PEPU offers an attractive passive income stream, reflecting strong investor confidence with 321 million tokens already staked.

Secure and Audited: Pepe Unchained’s smart contract has passed thorough audits by Coinsult and SolidProof, ensuring a secure investment.

This sentiment is echoed by popular crypto YouTuber Jacob Crypto Bury, who anticipates strong growth for meme coins this year and highlights the benefits of investing in presales like Pepe Unchained.

Simple Purchase Options: Acquire $PEPU with ease using ETH, USDT, BNB, or a credit card.

Act Now: The presale is approaching its next price increase, with $10 million already raised out of the $10,208,712 goal. Currently, 1 $PEPU is priced at $0.0092364. Secure your investment before the price rises!

Buy PEPU Here

The post Fed Chair Powell’s Speech Could Shake Markets—Will Bitcoin Price Rally? appeared first on Cryptonews.