United

Jerome Powell

Bitcoin

April

Reserve

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin (BTC) saw a 2% rise on April 4, following positive signals from the US Federal Reserve.</li>
 <li>Bitcoin’s market structure shows support from the 200-period exponential moving average (EMA) on 4-hour timeframes.</li>
</ul>
<p>After a series of encouraging signals from the United States Federal Reserve, Bitcoin (BTC) experienced a 2% increase on April 4.</p>
<h2 id="us-federal-reserve-s-influence-on-bitcoin">US Federal Reserve’s Influence on Bitcoin</h2>
<p>The local Bitcoin price reached highs of $67,51 on Bitstamp during the Wall Street opening. Bitcoin, alongside U.S. stock indices, saw a rise, while gold’s price dropped after reaching new all-time highs above $2,300.</p>
<p>Federal Reserve Chair Jerome Powell hinted at a potential interest rate cut before the end of 2024. Speaking at the Stanford Business, Government, and Society Forum, Powell stated that the policy rate, which has remained at its current level since July, is likely at its peak for this tightening cycle.</p>
<h2 id="bitcoin-market-structure">Bitcoin Market Structure</h2>
<p>In analyzing the current market structure of Bitcoin, a popular trader noted that the 200-period exponential moving average (EMA) on 4-hour timeframes was providing support.</p>
<p>Another trader expressed optimism about Bitcoin’s prospects based on promising signals on the daily chart. Bitcoin’s relative strength index (RSI) crossed back above the key 50 point at the daily close, which is often a sign of the next leg higher during pullbacks in a strong bullish trend.</p>
<p>The latest data from CME Group’s FedWatch Tool showed a 61% chance of a minimal 0.25% rate cut either at the next Federal Open Market Committee (FOMC) meeting in May or the one following in June.</p>
<p>The latest initial U.S. jobless claims were slightly above expectations, at 221,000 versus 214,000 expected, providing additional upward impetus for market movement.</p>

Bitcoin Ascends to $67.5K Amid Decrease in US Unemployment Claims

Table of Contents

crypto.ro global

Other articles published on Apr 4, 2024

Koala Coin (KLC) The Adorable Alternative to Binance Coin (BNB) and Cosmos (ATOM)

Phantom Arena and Tidal Game Guild Set to Ignite the Gaming World with the Upcoming Tidal Connect...

'Rich Dad Poor Dad' Author: I’m Saving Bitcoin – Inflation Is Winning

Ethereum’s Layer-2 Networks Set to Surge in Value

Bitcoin Cash Halving Reduces Reward; BCH Price Bounces Back

DOGE and Dogwifhat(WIF) Prices Dip as Investors Shift Focus to NFTFN Token Presale

Join our free newsletter for daily crypto updates!