Bitcoin's price experienced significant movement this week, climbing above $62,000 after Federal Reserve Chair Jerome Powell's dovish remarks at the Jackson Hole Economic Symposium. His comments suggested potential future interest rate cuts, which positively impacted risk assets like Bitcoin.
Despite the initial rally, Bitcoin's price retreated to approximately $60,800. Analysts are now observing whether the cryptocurrency will consolidate below $61,000 or move towards lower levels around $60,000, with key support at $59,500.
Another analyst, Rekt Capital, noted the need for a daily close above $62,000 to confirm a continued recovery. On the brighter side, Bitcoin's bull-bear market indicator has flipped to bullish, suggesting potential upward movements.
Looking ahead, experts have identified critical resistance levels at $64,045 and $66,250. Maintaining support at $60,365 could enable Bitcoin to target these higher prices. Current data shows Bitcoin up by 2% in the last 24 hours, stabilizing around $61,600 after Powell's speech.
