#BNBATH900 Bitcoin price breakout to $117,000 liquidated the bears, opening the door to new all-time highs

Bitcoin chased its range highs after the Federal Reserve hinted at a pivot in its policy during the closing speech of the Jackson Hole Symposium.

Bitcoin price breakout to $117,000 liquidated the bears, opening the door to new all-time highs

Market Analysis

Key points:

Bitcoin rose 5% to $117,300 after Federal Reserve Chairman Jerome Powell hinted at an upcoming interest rate cut, liquidating $379.88 million in short positions.

Analysts say that "the BTC bullish trend has returned," with the potential to reach $200,000 before the year ends.

Bitcoin

BTC

€99,539

surpassed the selling liquidity above $117,000 on Friday, after Federal Reserve Chairman Jerome Powell hinted at a possible interest rate cut in September during his speech at Jackson Hole.

The price of BTC rose over 4% to an intraday high of $117,300 on Bitstamp from a six-week low of $111,600.