Reserve Dollar

Donald Trump

Jerome Powell

Bitcoin

Reserve

<ul>
 <li>Bitcoin’s price has surged 6.79% from a low of $60,719 to a high of $64,947.</li>
 <li>Federal Reserve Chairman Jerome Powell’s indication of potential rate cuts has boosted the crypto market.</li>
</ul>
In the latest crypto market update, Bitcoin has surged past $65,000 following signals from Federal Reserve Chairman Jerome Powell that <a href="https://thenewscrypto.com/u-s-fed-officials-signal-possible-interest-rate-cuts-in-september/" target="_blank" rel="noopener noreferrer nofollow">rate cuts</a> may be on the horizon. Powell’s comments on cooling inflation and concerns about labor market weakness have fueled optimism among investors, pushing Bitcoin’s price up by over 6.79% from a low of $60,719 to a high of $64,947 within the past 24 hours.
Ethereum and Solana also saw significant gains, rising 3.16% to $2,758 and 6.97% to $154, respectively. The positive momentum was further boosted by the support of Donald Trump by crypto-friendly RFK Jr., despite Kennedy’s exit from the presidential race.
<h3 class="wp-block-heading" id="h-bitcoin-current-technical-analysis">Bitcoin Current Technical Analysis</h3>
At the time of writing, Bitcoin traded at $64,280 with a market cap of $1.27 trillion. Additionally, the daily trading volume has soared over 67.37% to $43.21 billion.
Technical indicators and market patterns support Bitcoin’s recent <a href="https://thenewscrypto.com/can-bitcoin-sustain-the-ongoing-brief-bullish-momentum/" target="_blank" rel="noopener noreferrer nofollow">bullish trend</a>. The cryptocurrency has recently broken out of a key price pattern, with a golden cross suggesting potential further gains. Further, on-chain analyst Ali predicts that Bitcoin could test $66,250 in the near future, following a recent prediction that it would reach $64,045.
The price chart reveals an inverse head-and-shoulders pattern, a common bullish signal, with Bitcoin breaking above the neckline at $63,500. The current price stands above the 23.36 Fibonacci retracement level, with a target near $67,350, indicating a potential increase of about 9.75% from the breakout level of $61,795.
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img decoding="async" width="1024" height="510" src="https://thenewscrypto.com/wp-content/uploads/2024/08/image-85-1024x510.png" alt="" class="wp-image-106388" srcset="https://thenewscrypto.com/wp-content/uploads/2024/08/image-85-1024x510.png 1024w, https://thenewscrypto.com/wp-content/uploads/2024/08/image-85-300x149.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/08/image-85-768x383.png 768w, https://thenewscrypto.com/wp-content/uploads/2024/08/image-85.png 1311w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">Bitcoin (BTC) Price Chart (Source: <a href="https://in.tradingview.com/symbols/BTCUSDT/?exchange=BINANCE" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>)
 </figcaption>
 </figure>
</div>
The 21-day EMA is below the current price, indicating that the recent price levels are higher than the average price over the past 21 days. While the 21-day EMA confirms the breakout with a bullish crossover, the RSI is in overbought territory at 72.93. This suggests that the price may have risen too quickly and could face a potential pullback or consolidation soon, despite the overall bullish signal from the EMA crossover.
Further, the MACD shows a bullish trend. The MACD’s <a href="https://thenewscrypto.com/u-s-spot-bitcoin-etfs-witness-65m-inflows-led-by-blackrocks-ibit/" target="_blank" rel="noopener noreferrer nofollow">positive momentum</a> reinforces the likelihood of continued upward movement.
However, there are signs of weakening momentum, and resistance is noted near $66,000, which may impact further price movement. Bitcoin’s crucial support is at $60,000, with resistance between $64,250 and $65,500.
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Bitcoin Surges Near $65K as Fed Signals Rate Cuts

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