Bitcoin (BTC<\/a>) passed $29,500 on Oct. 20 after an eventful 24 hours boosted BTC price trajectory, while XRP\u2019s (XRP<\/a>)\u00a0price jumped above $0.50 in response to Ripple\u2019s big legal win.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> followed BTC\/USD as it edged closer to two-month highs from the start of the week.<\/p>\n The largest cryptocurrency appeared to feed off events surrounding a speech<\/a> from Jerome Powell, chair of the United States Federal Reserve, the day prior.<\/p>\n Amid a U.S. bond rout, Powell was under pressure to deliver appropriate wording, and analysis even predicted<\/a> a \u201cvery dovish\u201d tone would dominate. In the event, the speech, which was briefly interrupted by protesters, saw Powell as highly conservative on the outlook.<\/p>\n \u201cThe stance of policy is restrictive, meaning that tight policy is putting downward pressure on economic activity and inflation,\u201d he said about interest rate hikes.<\/p>\n \u201cGiven the fast pace of the tightening, there may still be meaningful tightening in the pipeline.\u201d<\/p><\/blockquote>\n Powell said that the Fed acknowledged the potential problems of hiking rates too far.<\/p>\n \u201cDoing too little could allow above-target inflation to become entrenched and ultimately require monetary policy to wring more persistent inflation from the economy at a high cost to employment. Doing too much could also do unnecessary harm to the economy,\u201d he continued.<\/p>\n \u201cGiven the uncertainties and risks, and how far we have come, the Committee is proceeding carefully.\u201d<\/p><\/blockquote>\n Data from CME Group\u2019s FedWatch Tool showed changing tides among market expectations when it comes to future rate decisions.<\/p>\n At its next meeting on Nov. 1, the Federal Open Market Committee (FOMC) is now unanimously thought to hold rates at their current levels, per data from CME Group\u2019s FedWatch Tool<\/a>. Before Powell, the odds stood at 88%.<\/p>\n Following the speech, news broke that U.S. regulators had dropped criminal charges<\/a> against executives of blockchain firm Ripple.<\/p>\n XRP\u2019s price responded immediately, trading up over 6% in 24 hours at the time of writing.<\/p>\n Amid a backdrop of increasing anticipation<\/a>\u00a0over the approval of a U.S. Bitcoin spot price exchange-traded fund (ETF), Bitcoin gained momentum overnight.<\/p>\n Related:\u00a0Bitcoin metrics \u2018improve bullish odds\u2019 as BTC price holds 200-week trendline<\/a><\/em><\/strong><\/p>\n At the time of writing, the day\u2019s highs stood at $29,689 \u2014 just $200 from the top of a snap volatility wick seen on Oct. 17.<\/p>\n $BTC<\/a> has launched.<\/p>\n Keeping it as simple as it can get:<\/p>\n The same way 26.8k was the origin of our last impulse, 28.6k is now the origin of the current one. Above that, we are going A LOT higher, FAST. <\/p>\n Drop below 28.6k and the local uptrend will be violated and we may get a bit\u2026 https:\/\/t.co\/odakQpZbTL<\/a> pic.twitter.com\/CbhLBo133G<\/a><\/p>\n \u2014 CrediBULL Crypto (@CredibleCrypto) October 20, 2023<\/a><\/p><\/blockquote>\n \u201cBitcoin filling the wick, slowly but surely. Let\u2019s go for that $30k tap,\u201d popular trader Jelle wrote<\/a> in part of an X analysis on the day, having previously argued that Bitcoin looked \u201ceager to fill\u201d the Oct. 17 wick.<\/p>\n \u201cToday it\u2019s going a very interesting day for trading… They have hit exactly $29400 where there were many liquidations,\u201d fellow trader CrypNuevo continued<\/a>.<\/p>\n In various X posts, CrypNuevo uploaded liquidation data from the past days, warning that long positions outnumbered shorts four to one. Bitcoin, he suggested, could retrace during the U.S. trading session.<\/p>\n $BTC<\/a><\/p>\n Liquidation levels and liquidation heatmaps.<\/p>\n Quick thoughts: \u2014 CrypNuevo (@CrypNuevo) October 20, 2023<\/a><\/p><\/blockquote>\n This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<\/div>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-10\/0339a90f-5f51-4f36-9c2b-5cc39345f92c.png\")
Hawkish Fed\u2019s Powell fails to dent BTC price<\/h2>\n
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Trader suggests Bitcoin \u201cimpulse\u201d is here<\/h2>\n
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– All our liquidation levels to the upside from yesterday have been hit.
– Delta long liquidations at $15B (mid-high amount and enough to consider a retrace is coming soon).
– Current long-short open positions\u2026 pic.twitter.com\/dAqbRbaimc<\/a><\/p>\n