Bitcoin Price Analysis: Here’s When BTC Could Reach $70,000 Again

Highlights
- Bitcoin price takes down $60,000 resistance as crypto and stocks recover ahead of Jerome Powell’s speech.
- Growing network activity and positive market sentiment could accelerate Bitcoin's climb to $70,000.
- The bitcoin derivatives market flaunts strong bullish signals as both open interest and trading volume increase.
Bitcoin price accelerated recovery from Monday in tandem with the stock market and ahead of the annual Jackson Hole Symposium, where the Fed Chair Jerome Powell is expected to give a speech. Altcoin majors such as Ethereum (ETH), Solana (SOL), and Ripple (XRP) also eased into recovery, suggesting a new bullish era in the broader crypto market.
Bitcoin Price Market Movers: Jerome Powell Speech, Network Activity Growth, Bullish Derivatives Market
- Bitcoin price climbed above $60,000 during the Asian session but hit a snag below $61,400 amid tempered expectations from the annual Jackson Hole Economic Policy Symposium, starting August 22. Powell’s speech on Friday comes at a crucial time for the US economy and the world over. Interest rates in the country are at their highest level in decades amid easing inflation and slowing economic activity.
- The crypto community will be looking forward to hints from Powell’s speech on the direction of monetary policy, seeing that the Fed has set the stage for interest rate cuts. Economists expect Powell to stay in line with his remarks after July’s FOMC meeting and possibly affirm the central bank’s commitment to easing interest rates quickly if the labor market continues to underperform.
- According to Yahoo Finance, stocks and BTC price had started gaining amidst growing optimism for the Jackson Hole Symposium. However, history reveals that stocks tend to rally after the event, spreading risk-on sentiment to crypto and other global assets like gold.
- Bitcoin price is fundamentally strong courtesy of Santiment data, which shows a considerable spike in the active addresses metric to 718k from approximately 567k recorded on August 18. Increasing active addresses suggest rising trader interest in Bitcoin and potential price volatility. Positive weighted sentiment points to growing market confidence, which could bolster upward momentum.
- As per Coinglass data, the derivatives market upholds the bullish thesis, with the volume metric increasing by 14.43% to $50.32 billion and the open interest by 5.24% surge to $31.39 billion. It is worth mentioning that rising BTC derivatives OI and volume signal higher market activity and speculation further increase in price.
BTC Price Analysis: Poised For More Gains
Bitcoin price uptrend above $60,000 slowed on encountering the 200-day EMA resistance. After a brief struggle to take down this hurdle and reinforce the bullish outlook toward $70,000, BTC suffered a sharp setback to exchange at $59,045.
Despite the correction possibly due to profit taking, the Super Trend is still bullish and trailing Bitcoin. However, traders will regain confidence in the uptrend should bulls reclaim the $60,000 resistance level.
Based on a previous BTC price forecast, a sell-off will engulf the largest digital assets if $58,000 support breaks. Another retest of $56,000 and even the $54,000 level may follow amid the search for more liquidity.
Frequently Asked Questions (FAQs)
1. Can Bitcoin price reach $70,000 this week?
2. What is the annual Jackson Hole Economic Symposium?
3. What do BTC holders expect form Powell's speech?
- Polymarket Founder Shayne Coplan Teases Potential POLY Token After $2B ICE Deal
- FOMC Minutes Signal Fed Open to More Rate Cuts This Year, Bitcoin Bounces
- North Dakota To Issue ‘Roughrider’ Stablecoin Following Wyoming’s Footsteps
- Ethena Labs and Jupiter Partner to Launch JupUSD Stablecoin on Solana
- BlackRock’s Bitcoin ETF Leads ETFs With $3.5B Weekly Inflows as It Eyes $100B in AUM
- Bitcoin Price Prediction as US Govt. Shutdown Extends- What’s Next for BTC?
- Solana Price Megaphone Points to a Parabolic Move as SOL Treasuries Near $3B
- XRP Price Prediction Amid ETF Approval Roadblock as Analyst Warns of $2.72 Dip
- Binance Coin Price Prediction If It Surpasses Bitcoin Marketcap— Is $3000 Possible in 2025?
- ASTER vs HYPE Price Analysis – Which Perp DEX Token Looks Poised to Dominate Q4 Performance?
- Ethereum Price Could Soar to $6,500 as BlackRock’s ETF Nears $20B Milestone