{"id":13708,"date":"2023-10-19T17:58:44","date_gmt":"2023-10-19T17:58:44","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=13708"},"modified":"2023-10-19T17:58:46","modified_gmt":"2023-10-19T17:58:46","slug":"btc-price-climbs-above-28-6k-as-bitcoin-awaits-very-dovish-fed-powell-speech","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=13708","title":{"rendered":"BTC price climbs above $28.6K as Bitcoin awaits \u2018very dovish\u2019 Fed Powell speech"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) kept pressure on $28,500 after the Oct. 19 Wall Street open ahead of a key speech on United States economic policy.<\/p>\n<p><em>BTC\/USD 1-hour chart. Source: TradingView<\/em><\/p>\n<h2>Lepard: Powell may flip \u201cvery dovish\u201d<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView showed BTC price action gaining strength ahead of commentary by Jerome Powell, chair of the Federal Reserve.<\/p>\n<p>Due to speak at the Economic Club of New York at 12 pm Eastern Time on Thursday, Powell faces a complex macroeconomic scenario with 10-year United States bond yields at their highest since 2007.<\/p>\n<p>With the ghost of the 2008 Global Finance Crisis on market participants\u2019 radar, the extent to which Powell\u2019s language would be dovish or hawkish was the key talking point.<\/p>\n<p>\u201cThey can\u2019t let the bond rout continue,\u201d asset management guru Lawrence \u201cLarry\u201d Lepard told X subscribers on the day.<\/p>\n<p>\u201cPrediction: Powell is on the verge of saying or doing something which is very dovish which will cause a massive rally in the US Bond market.\u201d<\/p>\n<p>In the wake of various data prints showing inflation persisting beyond expectations, the Fed was previously thought to be planning an extended period of high interest rates.<\/p>\n<p>Per the latest data from CME Group\u2019s FedWatch Tool, market odds of rates remaining at current levels at the next meeting of the Federal Open Market Committee (FOMC) on Nov. 1 were nonetheless at 88% \u2014 versus a mere 11% chance of a further hike.<\/p>\n<p><em>Fed target rate probabilities chart. Source: CME Group<\/em><\/p>\n<p>Speaking on CNBC\u2019s Squawk Box segment, economist Mohamed El-Erian suggested that rates should not rise again \u2014 a more advantageous outcome for risk assets, including crypto.<\/p>\n<p>\u201cThe message to give right now is the Fed is done; we are done,\u201d he said about the content of Powell\u2019s speech.<\/p>\n<p>\u201cThat\u2019s what the message should be. Whether he gives it or not, I don\u2019t know.\u201d<\/p>\n<h2>Bitcoin traders monitor liquidity walls<\/h2>\n<p>BTC price movements themselves, meanwhile, stayed locked in place between clouds of liquidity, with volatility reduced as a result.<\/p>\n<p><strong><em>Related: Hodling hard: Bitcoin\u2019s long-term investors own over 76% of all BTC for the first time<\/em><\/strong><\/p>\n<p lang=\"en\" dir=\"ltr\">#Bitcoin Currently being held in between two big walls on Binance futures.<\/p>\n<p>Open Interest rising steadily as funding rates trend down.<\/p>\n<p>Let&#8217;s see what we&#8217;ll get after the NY open today! pic.twitter.com\/nyLMQ07XFo<\/p>\n<p>\u2014 Daan Crypto Trades (@DaanCrypto) October 19, 2023<\/p>\n<p>Data from on-chain monitoring resource Material Indicators confirmed that the picture remained the same on the Binance order book, with significant support and resistance levels unchanged in the wake of the volatility that started the week.<\/p>\n<p><em>BTC\/USD order book data for Binance. Source: Material Indicators\/X<\/em><\/p>\n<p>Traders thus kept an eye open for crossings of more significant lines in the sand further from spot price. Among them was Crypto Tony, who highlighted $28,000 and $29,000 targets, respectively.<\/p>\n<p lang=\"en\" dir=\"ltr\">$BTC \/ $USD &#8211; Update <\/p>\n<p>These are the key levels for you to keep an eye on legends. So $29,000 flip into support to long, or short if we lose the lows at $28,000 pic.twitter.com\/P5i3aA8FvE<\/p>\n<p>\u2014 Crypto Tony (@CryptoTony__) October 19, 2023<\/p>\n<p>As Cointelegraph reported, key trendlines now lend weight to a bullish prognosis for Bitcoin going forward, with buyer support enduring.<\/p>\n<p class=\"post-content__disclaimer\">This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/btc-price-bitcoin-very-dovish-fed-powell-speech\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) kept pressure on $28,500 after the Oct. 19 Wall Street open ahead of a key speech on United States economic policy. BTC\/USD 1-hour chart. Source: TradingView Lepard: Powell may flip \u201cvery dovish\u201d Data from Cointelegraph Markets Pro and TradingView showed BTC price action gaining strength ahead of commentary by Jerome Powell, chair of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13709,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-13708","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13708","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13708"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13708\/revisions"}],"predecessor-version":[{"id":13710,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13708\/revisions\/13710"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/13709"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13708"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13708"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13708"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}