Bitcoin, which rose above $66,000 last week, started the new week with a decline, falling to $64,000. Experts are linking this to the upcoming speech by Fed Chair Jerome Powell and US employment data.
Jerome Powell's Speech
At 8:55 p.m. today, Federal Reserve Chair Jerome Powell will speak at the National Association for Business Economics conference. Experts expect Powell to discuss the US economic outlook and the Fed's monetary policy, including a potential rate cut in November.
Potential Impact on Bitcoin
Crypto analyst Rachael Lucas from BTC Markets noted that Bitcoin is overbought on the daily chart, increasing focus on the upcoming US employment data. Lucas stated that Powell's comments on inflation and interest rates could significantly affect market sentiment.
Market Expectations
However, Augustine Fan from SOFA said it is unlikely that Powell will make any market-moving announcements today. Investors probably expect him to say the same things as he did at the last FOMC meeting. Fan also added that the cryptocurrency market is likely to remain in an uptrend in the near term.
In conclusion, the cryptocurrency market is awaiting key macroeconomic events that could influence its future trajectory. Jerome Powell's speech and US employment data will be the main focus for investors in the coming days.
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