• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
Breaking News: How Uniswap Was Deployed On The Binance Smart Chain
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: How Uniswap Was Deployed On The Binance Smart Chain

Bitcoin Sells Off At $11.8K ahead of Powell Speech; Is $10.5K Next?

Yashu Gola by Yashu Gola
3 years ago
in Bitcoin, Technical analysis
Reading Time: 2 mins read
Advertisement

Much of Bitcoin’s short-term market bias now hinge on the outcome of the virtual Jackson Hole meeting at the end of this week.

The benchmark cryptocurrency showed signs of weakness ahead of the event. It fell by close to 1.5 percent during the early London trading session Tuesday after setting an intraday top at $11,823 a day before. Traders showed resilience to enter the market at the said high as they waited for the monetary policymakers to shed more light on the global economy’s health.

To Ease or Not to Ease

The US Federal Reserve’s chairman, Jerome Powell, will speak at the virtual symposium, providing further clarity over how they would tackle the slow economic growth. In the minutes of their July 2020 meeting, the Fed had hinted at not expanding its stimulus program in the near-term.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

Instead, the US central bank gave an overview of its long-term outlook. It signaled that it might tolerate higher inflation before it withdraws support. While that should have raised the bids for safe-haven assets–such as Bitcoin–the short-term uncertainty among investors kept the cryptocurrency’s upside under control.

The focus from Bitcoin also shifted as global equities rallied. The S&P 500 on Tuesday closed 1 percent higher while its peers, the Dow Jones and the Nasdaq Composite, surged 1.35 percent and 0.60 percent at the close.

bitcoin, btcusd, btcusdt, xbtusd, cryptocurrency, crypto, s&p 500, dji, nasdaq

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Bitcoin against the US dollar index, Dow Jones, Nasdaq, and the S&P 500. Source: TradingView.com

The gains took cues from the Trump administration’s decision to fast-track the development of the COVID vaccine in Oxford University’s laboratory.

The upside also followed as the US and China admitted that they are going ahead with the phase-one trade deal. The two superpowers ignore their recent spat over the alleged origins of COVID in a Wuhan lab and China’s increasing control over Hong Kong through a national security law.

Safe-haven traders now await Powell’s speech on Thursday.

If the Fed chairman decides to continue its monetary easing policies–such as maintaining interest rates near zero and buying bonds infinitely–then it may leave the US dollar in a weaker state. That would help Bitcoin to continue its growth further into the year – or vice versa.

Bitcoin Technical Outlook

Bitcoin is trading marginally below its short-term support at the 20-daily exponential moving average (the green wave in the chart below). An extended daily close below it points to a correction towards $11,370.

bitcoin, btcusd, btcusdt, xbtusd, cryptocurrency, crypto, s&p 500, dji, nasdaq

Bitcoin testing the 20-day moving average as support. Source: TradingView.com

Meanwhile, a further break lower would expose the price towards $10,500, the final downside target to hold the short-term bullish bias. Alternatively, a rebound above the 20-DMA may set the stage for an upside run towards $11,800, followed by a retest of the $12,000 and levels above it.

Tags: bitcoinbtcusdBTCUSDTcryptocryptocurrencydjiNASDAQS&P 500xbtusd
Tweet123Share207ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN. Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

Related Posts

Bitcoin

Bitcoin CME Gap at $28,000 Filled, But Correction Risk Looms

4 hours ago
Bitcoin

Bitcoin Shows 35.8% Weekly Gains: Why This Means The Top Is Near

5 hours ago
XRP whales

Bullish Signal: XRP Whales Go On $155 Million Buying Spree

8 hours ago
ZEC

ZEC Coin Up Despite Security Firm Identifying Vulnerability In Zcash

11 hours ago
Bitcoin To $30,000? Fed Unveils New Tool To Bailout Non-US Banks

Bitcoin To $30,000? Fed Unveils New Tool To Bailout Non-US Banks

16 hours ago
Solana Price Aims Higher

SOL Price Prediction: Solana Gearing For Another Lift-Off to $25

19 hours ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
Coinplay

Coinplay

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
Coinplay

Coinplay

Review · Visit

Aave News Points To Head Of Development In Search Of AI Solutions – Avorak AI Proves Itself In ICO Phase

March 20, 2023

New Meme Project Love Hate Inu Raises $1 Million & Enters Stage 2 of Presale

March 20, 2023

TMS Network (TMSN) Holders Enjoy Gains in Presale Attracting New Investors from PancakeSwap (CAKE) And Algorand (ALGO)

March 20, 2023

USD Coin (USDC) And Cardano (ADA) Suffer Losses While TMS Network (TMSN) Explodes in Presales

March 20, 2023

TMS Network (TMSN) Emerges as the New Favorite of Investors, Leaving Filecoin (FIL) and Arweave (AR) in the Dust

March 20, 2023

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games
  • Free Spins
  • Play Finance

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.