- Uncertainty in Bitcoin’s Direction Continues
- Analysis by Alex Kuptsikevich
- Adler: Time for Bitcoin to Rise
As the cryptocurrency market activity increases, investors are focusing on the Jackson Hole Symposium starting today, where Fed Chairman Jerome Powell will speak.
Uncertainty in Bitcoin’s Direction Continues
Bitcoin’s (BTC) price fluctuated early Wednesday. According to CoinMarketCap data, Bitcoin’s price moved between $58,000 and $62,000 in the last 24 hours, with bulls trying to keep the price above the $60,000 threshold. Analysts note that Powell’s statements could increase volatility in cryptocurrencies.
Analysis by Alex Kuptsikevich
FxPro senior market analyst Alex Kuptsikevich noted that the cryptocurrency market failed to surpass the $2.15 trillion mark again and fell to $2.1 trillion with a 2.3% drop. He added that Bitcoin has remained in the $59,000 to $60,000 range for the past six days. The main institutional demand was directed towards other cryptocurrencies like gold. This is considered a negative signal for bulls.
Adler: Time for Bitcoin to Rise
CryptoQuant analyst Axel Adler suggested that Bitcoin’s prolonged consolidation phase is nearing its end and may soon start moving to higher levels. Adler noted that after reaching the $57,000 level, Bitcoin’s daily average coin transfer volume increased from $650,000 to $765,000.
Market observers expect that the uncertainty in Bitcoin and the entire cryptocurrency market will change after Powell’s statements. The Fed Chairman’s statements could restore confidence in the markets and drive Bitcoin and altcoin prices upward.
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