– Bitcoin’s price surged after the Wall Street open as markets awaited cues from the US Federal Reserve.
– The price increase followed a previous “pump and dump” event, with highs of $26,823 before retracing.
– Bitcoin reacted positively to the latest US macroeconomic data, with GDP growth slightly below projections and the PCE index aligning with expectations.
– Jerome Powell, chair of the Federal Reserve, was scheduled to speak later in the day.
– Traders and analysts expressed cautious optimism about the day’s price movement, noting the need for Bitcoin to overcome key resistance levels.
– There is a possibility of Bitcoin rallying to around $29,000 before experiencing a broader comedown.
– This article does not provide investment advice and readers should conduct their own research.