Jerome Powell

Chair

Bitcoin

when

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/how-does-bitcoin-respond-to-economic-indicators/" data-wpel-link="internal">How Does Bitcoin Respond to Economic Indicators?</a> 
<a href="https://coin-turk.com/neden-yukseliyor-bitcoin-26-000-dolar-ayi-sezonu-bitti-mi" data-wpel-link="internal">Bitcoin</a> prices are catching attention at $59,000 as Wall Street opens on May 2. Data from TradingView shows the <a href="https://coin-turk.com/son-5-haftada-85-000e-yakin-btc-daha-eklendi-balinalar-yeniden-birikim-asamasina-mi-geciyor" data-wpel-link="internal">BTC</a>/USD pair nearing the critical $60,000 zone. <a href="https://en.coin-turk.com/sec-may-take-a-concrete-step-towards-approval-of-spot-bitcoin-etfs/" data-wpel-link="internal">Bitcoin</a> gained support from the US Federal Reserve’s dovish economic guidance after dropping to $56,500 the previous day. 
<h2 class="p1" style="text-align: justify" id="us-macroeconomic-data-and-bitcoin">US Macroeconomic Data and Bitcoin</h2> 
Fed Chair Jerome Powell left interest rates unchanged as expected and reinforced plans to cut rates before year-end. In a subsequent press conference, Powell shared: 
<blockquote> 
 “We know that reducing policy constraints too early or too much could reverse the progress we see in inflation. Likewise, reducing them too late or too little could unnecessarily weaken economic activity and employment.” 
</blockquote> 
Risk assets responded well to this event, and the <a href="https://en.coin-turk.com/the-impact-of-bitcoin-etf-approval-on-btc-price-what-to-expect/" data-wpel-link="internal">BTC</a>/USD pair continued to show relief after the selling pressure earlier in the week. Experienced investor Peter Brandt shared with his followers on X: 
<blockquote> 
 “If Bitcoin can maintain these low levels and rise higher, the chart will be characterized as a very common bull market continuation structure.” 
</blockquote> 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-347188 size-full" src="https://coin-turk.com/wp-content/uploads/2024/05/btc-grafik.jpg" alt="" width="1411" height="787"> 
<a href="https://coin-turk.com/sec-30-milyonluk-ico-yapan-firmaya-ceza-kesti" data-wpel-link="internal">Blockchain</a> data company Glassnode’s lead chain analyst Checkmate, presented an explanatory chart showing that Bitcoin’s price is still moderate compared to historical bull markets despite its current decline from all-time highs: 
<blockquote> 
 “Welcome to the mid-part of the Bitcoin bull market correction.” 
</blockquote> 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-347187 size-full" src="https://coin-turk.com/wp-content/uploads/2024/05/btc-bull-market.jpg" alt="" width="1915" height="858"> 
<h2 class="p1" style="text-align: justify" id="prominent-figure-makes-noteworthy-statement">Prominent Figure Makes Noteworthy Statement</h2> 
Meanwhile, many analysts continue to foresee a rise in Bitcoin prices looking forward. Particularly noteworthy today were the Relative Strength Index (RSI) data supporting the new rise narrative in daily time frames. 
The daily RSI was at its lowest levels since August 2023, and during this period, the BTC/USD pair breached significant support trend lines before regaining them and moving towards new highs. Popular trader Daan <a href="https://en.coin-turk.com/renowned-crypto-strategist-predicts-future-for-ethereum-based-altcoin-binance-coin-and-chainlink/" data-wpel-link="internal">Crypto</a> Trades mentioned in a part of his post on X: 
<blockquote> 
 “Buying Bitcoin when the daily RSI level reaches 30 has been a fairly solid strategy in this cycle so far.” 
</blockquote> 
<img loading="lazy" decoding="async" loading="lazy" class="aligncenter wp-image-347186 size-full" src="https://coin-turk.com/wp-content/uploads/2024/05/btc-yorum-1.jpg" alt="" width="1071" height="764"> 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/how-does-bitcoin-respond-to-economic-indicators/" data-wpel-link="internal">How Does Bitcoin Respond to Economic Indicators?</a></h5>

How Does Bitcoin Respond to Economic Indicators?

Table of Contents

COINTURK NEWS

Other articles published on May 2, 2024

Michael Saylor Reveals Open-Source MicroStrategy Orange Decentralized ID Protocol

Bitcoin DeFi Sparks Surge in Active Stacks Accounts: a Record Breaker!

Terraform Labs Refuses to Pay $5.3 Billion Fine: No Evidence from SEC – Implications for LUNA Coi...

Bitcoin Cash (BCH) Backer Roger Ver Arrested and Charged With Evading Nearly $50,000,000 in Taxes

Bitcoin (BTC) and Ethereum (ETH) Surge Amid Steady US Interest Rates: A Crypto Market Revival

Top Cryptocurrencies to Invest in Now May 2 – Ondo, ZetaChain, Quant

Join our free newsletter for daily crypto updates!