Bitcoin's price rose above $62,000 following Fed Chair Jerome Powell's hint at interest rate cuts during his Jackson Hole Speech. The price spike occurred shortly after the speech began.
Powell emphasized the Fed's goals of restoring price stability and maintaining a strong labor market. This led to significant short liquidations, with over $21 million worth of short positions liquidated within an hour.
Despite the initial surge, Bitcoin's price fell below $61,000 shortly after. The Relative Strength Index (RSI) remains around the neutral 50.00 line, indicating that most investors are staying on the sidelines.
Bitcoin is currently trading near the supply zone at $61,350 and continues to form lower highs. Analysts suggest that while a further uptrend is possible, the price could also swing sideways.
