🚀 Bitcoin Price soars to $116K as Powell Hints at Rate Cut — Are Altcoins following the Leader? 💰
💹 Bitcoin jumps to $116,000 after a 2% surge in minutes, triggered by Powell’s rate-cut friendly comments.
🏛 Powell’s Jackson Hole speech boosted expectations of an interest-rate cut in September.
📈 Risk assets and crypto rallied, while the US dollar weakened.
📉 Bitcoin Rebounds from Lows
BTCUSD gained over 3%, rebounding from $111,658, its lowest since July 10. Powell hinted the Fed’s policy “may warrant adjusting” due to inflation and labor market conditions. Markets reacted instantly with crypto and risk assets soaring, while the dollar slumped.
📊 Traders React
■Analyst Scott Melker noted bullish divergence with oversold RSI at multiple timeframes near $112K support, calling signals “very strong.”
■Commentator TheKingfisher pointed out Bitcoin absorbed liquidity on the dip.
🏦 Fed Policy Outlook
Market watchers now expect a 25 bps cut in September. The Kobeissi Letter summarized: “Powell is setting the stage for a September rate cut.”
🌐 Altcoins Follow Bitcoin
Ethereum (ETH) 🔥 +4.2%, reclaiming $2,300.
Solana (SOL) 🌊 +6.1%, back above $180.
XRP ⚡️ +3.5%, bouncing from monthly lows.
DOGE & SHIB 🐕 modest +2–3%.
📌Altcoins are mirroring Bitcoin’s bounce but remain dependent on BTC holding above the $115K–116K zone.