- Bitcoin closed above the bull market support band, signaling potential further gains.
- Major cryptos like Ethereum and Solana also experienced significant price increases.
- Analysts remain cautiously optimistic, noting Bitcoin’s recovery and bullish momentum.
Bitcoin’s recent price action has sparked interest after closing above a crucial technical level. Analyst Benjamin Cowen pointed this out on X noting that Bitcoin is trading above its “bull market support band.”
This bull market support band often acts as a key support zone during declines and signals the potential for a rebound. The latest developments indicate that Bitcoin could be on the verge of further gains, fueling bullish sentiment.
Bitcoin and Major Cryptos Rally
Over the weekend, the price of Bitcoin experienced a significant boost, climbing from around $60,800 to $64,040. This 5.8% increase pushed its weekly gain to 10%.
Other major cryptocurrencies, like Ethereum and Solana, also experienced notable rises. Ethereum was up 5% and Solana gained 11% over the past seven days.
This surge follows remarks by U.S. Federal Reserve Chair Jerome Powell, who hinted at upcoming interest rate cuts. Speaking at Jackson Hole, Wyoming, Powell mentioned that September might see the first rate cut since 2020.
While Powell didn’t specify if the cut would be 25 or 50 basis points, he expressed optimism about inflation while cautioning against rising unemployment.
Analysts Show Cautious Optimism
Analysts remain cautiously optimistic about Bitcoin’s growth potential. They observe that the network is challenging previous highs and reversing a post-halving downturn.
Although liquidity is recovering, it’s doing so slowly. A stronger movement, similar to late July, is needed to fully confirm the upward trend.
Staying above the bull market support band is considered a bullish signal and hints at potential price stability or even further increases. Meanwhile, market participants are closely watching for the next significant move as Bitcoin gains momentum in the next few days.
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