Bitcoin Breaks Above $64,000 as Powell's Speech Lifts Market Optimism

Bitcoin (BTC) continued rising, broke key resistance and traded above $64,300. The report attributed the rally mainly to Federal Reserve chair Jerome Powell's Jackson Hole speech. His indications of possible rate cuts and the need to adjust monetary policy lifted market optimism.

Powell's dovish comments boosted confidence and crypto prices. Bitcoin had struggled at the psychological $60,000 level, but the speech provided momentum for a nearly 5% gain over 24 hours, taking it above $64,000. Investors expected easier monetary conditions to support Bitcoin and other cryptocurrencies. The report noted that such conditions had historically supported risk assets.

Ethereum (ETH) also rose more than 4% to $2,700. Major assets including Solana, Dogecoin, Cardano and Avalanche gained between 4% and 8%. Total crypto market capitalisation increased more than 4% over 24 hours to $2.22 trillion. The report associated lower rates with stronger crypto performance. Stablecoin market capitalisation reached a record $165 billion, interpreted as stronger buying pressure. It cited the 2017 bull market as a historical example of lower rates accompanying crypto gains.

Bitcoin broke out of an ascending triangle near $61,800 into a $64,000–$65,000 trading range, with the price around $64,300. Technical indicators suggested bullish momentum might continue: a bullish engulfing pattern, the triangle breakout and a bullish 50-day moving-average crossover. An RSI around 70 indicated strong buying but approached overbought territory. A doji candle could signal weakening bullish momentum and a possible short-term correction.