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For the third night in a row, Bitcoin has seen another significant overnight move, this time jumping over 5% in just three hours to hit a high of $94.6K. Unlike the previous two sessions, however, Bitcoin has not fully retraced the rally, which is a positive sign for bulls.
Despite the strength of the move, Bitcoin is not out of the woods just yet. While momentum and direction are clearly leaning bullish, BTC remains below the yearly open at $93.5K after a slight pullback from the overnight high. The market is still anticipating a 25 basis points rate cut, but there is caution ahead of Jerome Powell’s speech. The rally failed to hold above the yearly open as traders remain wary of the volatility that typically follows his comments.
Powell is set to take the stage 30 minutes after the rate decision, which drops tomorrow at 6am AEDT. With both events taking place in under 24 hours, price action is expected to remain volatile, with heavy swings likely within the broader consolidation range that has contained Bitcoin for nearly two weeks.
How the market reacts to Powell will likely determine the next breakout. A sustained move above $93.5K and we are likely headed for $100K before year end. A breakdown, however, could drag Bitcoin back to test November’s lows of $80K, which would almost solidify 2025 as a bearish year, barring a miraculous recovery…
Stormrake Spotlight: Pax Gold (PAXG) ($4,218)
Stormrake Spotlight: Pax Gold (PAXG) ($4,218)
