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Bitcoin Gives Hope Ahead of Powell's Speech; What It Needs to Keep Uptrend

Thu, 09/08/2022 - 13:06
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Gamza Khanzadaev
Bitcoin inspires positivity ahead of Fed head's speech
Bitcoin Gives Hope Ahead of Powell's Speech; What It Needs to Keep Uptrend
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The U.S. stock market, represented by the S&P 500 Index, held the $3,900 level and got a buyer's reaction. Now it needs to consolidate above $4,000 in order to continue rising. Following the S&P 500, Bitcoin also began to rise, returning to the $19,000-$19,500 block. However, now there are two variants for development: either the retest of $19,500 and continuation of the decrease, or BTC goes beyond the resistance level of $19,500, after which growth to $21,500-$22,000 can be expected.

Today is a very important day that may decide the further local development of the Bitcoin and the crypto market in general.

Breaking crypto events of today

First on the way is the number of initial jobless claims, which are tentatively expected to be 240,000. If it is higher than expected, the market can go up. Then, this will be followed by the speech of the head of the Fed, Jerome Powell. This is where the swings will start. Whether Powell is softer or continues to apply strong pressure will affect the growth or decline of the markets.

Moreover, as we just found out, Gary Gensler, head of the SEC, supports the bill that would give the CFTC oversight over BTC and ETH. Passing a bill in the U.S. Congress that would give the CFTC control over BTC and ETH would mean that these coins would be classified as commodities by U.S. regulators. This, in turn, would remove ambiguity for institutional regulators.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.