BTC price climbs above $28.6K as Bitcoin awaits ‘very dovish’ Fed Powell speech
Bitcoin (BTC) kept pressure on $28,500 after the Oct. 19 Wall Street open ahead of a key speech on United States economic policy.
Data from Cointelegraph Markets Pro and TradingView showed BTC price action gaining strength ahead of commentary by Jerome Powell, chair of the Federal Reserve.
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.
With the ghost of the 2008 Global Finance Crisis on market participants’ radar, the extent to which Powell’s language would be dovish or hawkish was the key talking point.
“They can’t let the bond rout continue,” asset management guru Lawrence “Larry” Lepard told X subscribers on the day.
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.
Per the latest data from CME Group’s 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% — versus a mere 11% chance of a further hike.
Speaking on CNBC’s Squawk Box segment, economist Mohamed El-Erian suggested that rates should not rise again — a more advantageous outcome for risk assets, including crypto.
“The message to give right now is the Fed is done; we are done,” he said about the content of Powell’s speech.
BTC price movements themselves, meanwhile, stayed locked in place between clouds of liquidity, with volatility reduced as a result.
Related: Hodling hard: Bitcoin’s long-term investors own over 76% of all BTC for the first time
#Bitcoin Currently being held in between two big
Read more on cointelegraph.com
