Bitcoin (BTC) Price Considers Triangle Breakout Ahead of Jerome Powell's Speech at the Jackson Hole Symposium

Bitcoin (BTC) price impending rally continued to thaw during Asian trading hours ahead of the Federal Reserve Chair Jerome Powell's speech

Bitcoin price showed signs of recovery from the recent sell-off, displaying a 1.2% gain on the day to trade at $60,840 at the time of writing. Altcoins, on the other hand, demonstrated mixed signals, with some posting gains while others faced sell pressure. Among the gainers were AVAX, NEAR, and TAO, which rose by 11%, 7%, and 9.5%, respectively.

Bitcoin price showed signs of recovery from the recent sell-off, displaying a 1.2% gain on the day to trade at $60,840 at the time of writing. This move followed a weaker-than-expected reading for nonfarm payrolls, which signaled a slowdown in the labor market. The sell-off in Bitcoin began after the data crossed the wires, signaling a risk-off move in the markets.

However, attention quickly shifted to Powell’s speech at the Jackson Hole meeting in Wyoming. Investors anticipated that the speech would touch on the expected rate cuts and the economic policy in general. These details are crucial for determining the future direction of Bitcoin price.

Bitcoin price reacted positively to the speech, rising by 1% within an hour of its commencement. This move signaled a bullish outlook for BTC price, especially after forming an ascending triangle pattern on the 4-hour chart.

If validated by breaching the x-axis resistance at $61,664, a 13% leg up may follow to $69,700. A move like this would ignite FOMO, and with the anticipated liquidity, Bitcoin may soon reach a new all-time high.

Bitcoin price collects bids above the 200-day EMA at $54,664, setting up a strong defense against any sell-off attempts. Additionally, the 20-day and 50-day EMAs provide further support at $58,864.

Failure to meet expectations or any sell-offịp may lead to a sell-off toward the ascending trend line, followed by further declines to $56,000 and even $54,000.

Altcoin Price Analysis

ETH price continued with sideways price action between the demand area as illustrated—above $2,500 and the supply area below $2,800. Its short-term support, around $2,600, reinforced by the 20-day and 50-day EMAs, points to a potential bullish outcome.

The MACD indicator leans on the bullish side, flaunting a buy signal and adding credibility to the uptrend. A breach of the upper range limit is required to break ETH price out of the consolidation phase and advance to $3,000.

SoSoValue recorded $874.61k net withdrawals on Thursday, culminating in a total net outflow of $458.95 million. Although the margin of outflows has narrowed, their persistence affects general sentiment.

XRP price showed signs of preparation for an explosive rally, displaying a double bottom pattern on the 4-hour chart. This formation signaled a potential reversal from the recent sell-off, especially after bouncing off a demand zone at $0.80.

A bullish breakout from this pattern could propel XRP price to rally toward the upper boundary of the supply zone at $1.0. This move would constitute a 20% gain from the current price levels.

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