{"id":568591,"date":"2024-08-24T05:53:12","date_gmt":"2024-08-24T05:53:12","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=568591"},"modified":"2024-08-24T05:53:12","modified_gmt":"2024-08-24T05:53:12","slug":"bitcoin-price-surges-5-as-fed-chair-jerome-powell-signals-rate-cuts-ahead-but-traders-pivot-to-this-ico-with-just-2-days-left","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bitcoin-price-surges-5-as-fed-chair-jerome-powell-signals-rate-cuts-ahead-but-traders-pivot-to-this-ico-with-just-2-days-left","title":{"rendered":"Bitcoin Price Surges 5% As Fed Chair Jerome Powell Signals Rate Cuts Ahead, But Traders Pivot To This ICO With Just 2 Days Left"},"content":{"rendered":"
The Bitcoin price soared 5% in the last 24 hours <\/span>to trade at $64,169<\/span><\/a> as of 09:06 p.m. EST on trading volume that surged 55% to $42.8 billion.<\/span><\/p>\n The pump came after Federal Reserve Chair Jerome Powell endorsed an imminent start to interest cuts, saying on Aug. 23 that further cooling in the job market would be unwelcome and expressing confidence that inflation is within reach of the Fed’s 2% target.<\/span><\/p>\n “The time has come for policy to adjust,” Powell said in a speech at the Kansas City Fed’s annual economic conference in Jackson Hole, Wyoming.<\/span><\/p>\n The Bitcoin price has eventually crossed above the sideways pattern, as the bulls win the struggle with the bears to soar above the consolidation phase. <\/span><\/p>\n BTC has eventually overcome the $61,326 resistance zone, according to data from <\/span>GeckoTerminal<\/span><\/a>.<\/span><\/p>\n BTC now trades above both the 50-day and 200-day Simple Moving Averages (SMAs), affirming the uptrend.<\/span><\/p>\n Moreover, the Relative Strength Index (RSI) seems to be rebounding from the 50-midline level, now crossing above the 70-overbought region, currently at 71. The RSI above the 70 level shows that the asset is currently under intense buying pressure.<\/span><\/p>\n The Moving Average Convergence Divergence (MACD) is also bullish, as it crosses above the neutral line.<\/span><\/p>\nBitcoin Price To Continue Rallying<\/h2>\n