Bitcoin Price Eyes $12,000 Following US Fed Chair Powell Talks
Bitcoin's price finally broke out and, fortunately, it was to the upside. Shortly after the speech of the US Fed Chair, BTC surged above $11,800.
- Bitcoin’s price finally made a worthwhile move after surging to $11,840 on Bitstamp following days of stagnation.
- The price has since retraced a bit to trade at its current level of around $11,780. Nevertheless, this is a move in the right direction as concerns started crippling up that we might be in for a fill of the CME gap down at $11,100.
- Bitcoin is trading approximately only $700 away from the $12,500 area – the 2020 highest level that was reached on August 17. The next major resistance for BTC now lies at $12,000 – $12,100.
- The move came soon after the Chairman of the US Federal Reserve, Jerome Powell, spoke on a panel hosted by the International Monetary Fund (IMF).
- During the event, he said that the US is “committed to carefully and thoughtfully evaluating the potential costs and benefits of a CBDC (Centra Bank Digital Currency) for the US economy and payments system.”
- He also said that it’s better to be right than be first on CBDCs.
- Interestingly enough, BTC’s move appears to be uncorrelated to the US stock market. At the time of this writing, the S&P 500 is down about 0.4%, while the Dow Jones Industrial Average (DJI) is down about 0.3%.
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