Bitcoin’s rise above $63,000 has attracted buying in several altcoins, signaling that the sentiment is turning bullish.
Bitcoin (BTC) rose above the overhead resistance near $63,000 and it appears that bulls are now ready to push prices higher. Risk assets received a boost after the Federal Reserve Chair Jerome Powell confirmed during his keynote address in Jackson Hole, Wyoming, that interest rates will start to come down. However, Powell refrained from committing to the timing and the pace of the rate cuts.
A technical market update from Kraken, said that Bitcoin must cross and maintain above the $62,000 level to avoid a retest of $49,000.
“The price action suggests a corrective pattern rather than a strong bullish reversal,” the update added.
