Bitcoin Pumped as Fed's Powell Failed to Impress Bulls

9/09/2022 09:35:00 PM
Fed Chairman Jerome Powell recently stated that they need to take strong and decisive action on inflation, as reported by Reuters. He also added that through their policy moves, they aim to bring economic growth below trend and improve the balance of the labor market.

Additionally, China's Consumer Price Index (CPI) and Producer Price Index (PPI) for August will be closely watched as discussions about a potential recession continue. However, the most attention will be given to next week's US CPI as the Fed enters a period of silence before the release of the data.

Technical

  • US Dollar Index showing mild losses after a volatile day
  • Bitcoin has increased in value from $18,400 to $21,000
  • Resistance at $22,000 level
  • For a clear bull trend to be established, bitcoin would need to break above the trendline
Need to Focus: Sep 13, 2022 (6:30 PM GMT+6) - CPI Data
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