Bitcoin Charges for $12,000 Following Comments from Fed Chair

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Bitcoin (BTC) has finally made a come back above $11,800 after several days of stagnation. The price has since retraced a little to the upper-$11,600 area. Nonetheless, the recent spike has quelled fears of the CME gap at $11,100 getting filled in the near-term. 

BTC is now trading about $800 away from its $12,500 YTD high recorded on the 17th of august.

The recent spike came as a result of some comments made by the United States Federal Reserve, Jerome Powell, at the International Monetary Fund (IMF) event that was held earlier today.

Powell reiterated that the US was “committed to carefully and thoughtfully evaluating the potential costs and benefits of a CBDC (Centra Bank Digital Currency) for the US economy and payments system.” He also added that it was more worthwhile for the bank to be right than to be first in the CBDC race.

Meanwhile, it appears that Bitcoin has altered its correlation with the US equities market in the meantime. At press time, the S&P 500 (SPX) is down by 1.55%, the Nasdaq 100 (NDX) is down by 1.68%, and the Dow Jones (DJIA) is down by 1.25%. 

Key BTC Levels to Monitor in the Near-Term

Bitcoin appears to have regained its bullishness after an extended period of consolidation. The cryptocurrency finally broke above the strong $11,600 resistance, before proceeding to record a new monthly high at $11,834. 

That said, traders now have their eyes on the $12,000 psychological area. A break above that line will set BTC against the strong $12,100 resistance and subsequently the $12,500  YTD high.

Every climb higher Bitcoin performs reduces the odds for a bearish momentum even further.

Total market capital: $364 billion

Bitcoin market capital: $216 billion

Bitcoin dominance: 59.3 %

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