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Bitcoin price sets new one-week high ahead of Federal Reserve announcement with Powell.

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Bitcoin reached new weekly highs as markets awaited signals from the United States Federal Reserve. After experiencing a “pump and dump” situation, Bitcoin saw a slower grind higher, inching closer to $27,000. The cryptocurrency reacted positively to the latest macroeconomic data from the US, including GDP growth and Personal Consumption Expenditures (PCE) index data. The anticipation of a speech by Jerome Powell, Chair of the Federal Reserve, also contributed to Bitcoin’s volatility.

The main event of the day was Powell’s speech, which was expected to have an impact on the market. While Powell’s recent remarks did not significantly affect crypto markets, traders and analysts remained cautiously optimistic about Bitcoin’s performance. However, key resistance trend lines were identified, and Bitcoin needed to overcome them to establish a more substantial trend change. There was also the possibility of Bitcoin experiencing a broader comedown, with $29,000 still playing a role in its trajectory.

It is important to note that this article does not provide investment advice, and readers should conduct their own research before making any decisions. The market remains unpredictable, and every investment or trading move carries inherent risks.

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