Bitcoin saw a sharp surge this week, rising to $29,800 with $40k in touching distance, as positive sentiment returned to the cryptocurrency market. The price jump came after Federal Reserve Chair Jerome Powell hinted that interest rate hikes may start slowing soon during a Thursday speech.
Keypoints
- Bitcoin price surged to around $29,700 after Fed Chair Jerome Powell hinted that interest rate hikes may slow down or pause soon. This boosted investor sentiment.
- XRP price jumped over 6% to above $0.50 after US regulators dropped criminal charges against Ripple executives in an ongoing lawsuit.
- Traders are monitoring Bitcoin price action around the $29,500 level, as long positions currently outnumber shorts 4 to 1, indicating potential for a retracement.
- Analysts suggest if Bitcoin can break above $30,000 convincingly, it could target $35,000 next. The recent price action shows bullish signs like rounding bottom…
