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Bitcoin’s price, which surged above $66,000 last week, has dropped to the $64,000 range as the new week begins. Amid this dip, investors are closely monitoring two key macroeconomic events this week: Federal Reserve Chairman Jerome Powell’s speech later today and the release of the U.S. Non-Farm Payrolls data on Friday. 
Experts anticipate that Powell will discuss the U.S. economic outlook and the Fed’s monetary policy during his address at the National Association for Business Economics at 18:55 (UK time). Analysts also believe that Powell’s speech, combined with the upcoming labor data, could clarify the likelihood of another significant rate cut by the Fed in November. 
<h2 id="could-powell-s-speech-impact-bitcoin">Could Powell’s Speech Impact Bitcoin?</h2> 
In an interview with The Block, BTC Markets crypto analyst Rachael Lucas pointed out that <a href="https://www.turkishnyradio.com/bitcoin-bulls-ignore-the-dip-analyst-breaking-this-level-could-push-btc-to-100k/" target="_blank" rel="noopener">Bitcoin</a> is currently in an overbought position on the daily chart, prompting investors to focus on the upcoming U.S. labor data. 
<img loading="lazy" decoding="async" class="alignnone size-full wp-image-15738" src="https://www.turkishnyradio.com/wp-content/uploads/2024/09/representing-the-anticipation-around-Bitcoin-and-Jerome-Powells-upcoming-speech-The-design-features-a-prominent-Bitcoin-sy.webp" alt="representing the anticipation around Bitcoin and Jerome Powells upcoming speech The design features a prominent Bitcoin sy" width="1792" height="1024" title="Bitcoin Investors Await Powell’s Speech: What Can We Expect? 8" srcset="https://www.turkishnyradio.com/wp-content/uploads/2024/09/representing-the-anticipation-around-Bitcoin-and-Jerome-Powells-upcoming-speech-The-design-features-a-prominent-Bitcoin-sy.webp 1792w, https://www.turkishnyradio.com/wp-content/uploads/2024/09/representing-the-anticipation-around-Bitcoin-and-Jerome-Powells-upcoming-speech-The-design-features-a-prominent-Bitcoin-sy-768x439.webp 768w, https://www.turkishnyradio.com/wp-content/uploads/2024/09/representing-the-anticipation-around-Bitcoin-and-Jerome-Powells-upcoming-speech-The-design-features-a-prominent-Bitcoin-sy-1536x878.webp 1536w" sizes="(max-width: 1792px) 100vw, 1792px"> 
Lucas noted that Powell’s comments on inflation and interest rates could significantly influence market sentiment: 
“Powell’s remarks on inflation and interest rates often move markets, and crypto is no exception. A hawkish tone could fuel risk-off sentiment and exacerbate today’s decline. However, a more moderate approach, combined with stronger-than-expected labor data, could benefit risky assets like Bitcoin and Ethereum.” 
<h2 id="powell-s-speech-may-not-shake-the-market">Powell’s Speech May Not Shake the Market</h2> 
On the other hand, SOFA economist Augustine Fan believes Powell is unlikely to say anything that would move markets significantly today: 
“Investors probably expect Powell to reiterate much of what he said at the last FOMC meeting, especially since the latest inflation data works in his favor.” 
Fan added that the crypto market is likely to remain in a bullish trend in the near term.

Bitcoin Investors Await Powell’s Speech: What Can We Expect?

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