Bitcoin (B T c) reached $39,000 for the first time since mid-2022 on December 1 as the United States Federal Reserve increased expectations for policy easing.
Powell: Ending march would be “premature”
data from Cointelegraph Markets Pro And trading view New 19-month BTC price of $39,000 confirmed on Bitstamp.
Bitcoin bulls, already in a strong position, beat resistance as Fed Chairman Jerome Powell took the stage at Spelman College in Atlanta, Georgia for a scheduled appearance.
“The FOMC remains firmly committed to getting inflation down to 2% over time and keeping policy accommodative until we are confident that inflation is on track to that objective,” he said. Said In the prepared comments.
“It is too early to conclude with confidence that we have achieved a sufficiently reactive stance, or to speculate when policy might ease.”
Keeping his tone cautious, Powell appeared to boost risk asset sentiment with his comments on the current state of the US economy and progress toward reducing inflation.
Responding, financial commentary resource Kobe Leiter was among those with a more sanguine view on what the Fed might do in the future.
“Their story has not changed from last year, but markets are demanding the Fed pivot,” it said. wrote In part of a post on X (formerly Twitter)
“As we have said before, the Fed would rather promote a mild recession than risk a resurgence of inflation. “This means a longer break is still possible.”
Yet Bitcoin took full advantage of the mood, contrasting with a flat reaction to the US macro data print earlier in the week.
As Cointelegraph informed ofThe next meeting of the Federal Open Market Committee, or FOMC, is scheduled to take place in mid-December, when any changes in interest rates will be announced. According to CME Group data fadewatch toolAs of December 1, market expectations favored a halt to the one-sided hike.
BTC price target rises above $39,00
Turning to the Bitcoin markets, popular trader Dan Crypto Trades revealed the size of sell-side liquidity involved in the brief visit to $39,000.
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#bitcoin It literally took 2 minutes ✅ https://t.co/JOwOVA3U4S pic.twitter.com/ii8CCoMchW
– Daan Crypto Trades (@DaanCrypto) 1 December 2023
Meanwhile, Keith Allen, co-founder of Trading Resources Material Indicators uploaded A snapshot of BTC/USDT order book liquidity on date X following Powell’s speech.
This suggests that $39,000 and $39,200 remain as important resistances, while the nearest substantial buyer support is at $38,000.
“I strongly believe that today we will eventually close above $38K. Fellow popular trader BitQuant said a daily close above $38K is a powerful sign of a divine candle Forecast on the first day.
dan crypto trades couple Bitcoin appears to be “leaving its previous trading range at the moment”, while for Crypto Ed, founder of trading and training group CryptoTA, Predicted Taking Bitcoin to the next “low” at $39,200.
This article does not constitute investment advice or recommendations. Every investing and trading move involves risk, and readers should do their own research when making decisions.
