Bitcoin Volatile Near $94K as Fed's Powell Straddles Labor Market and Inflation Issues

Bitcoin experienced volatility, spiking above $94,000 before retreating, as Federal Reserve Chair Jerome Powell delivered a nuanced message after the central bank implemented a 25 basis-point rate cut. Powell emphasized concerns about a potentially weaker labor market, suggesting dovishness, but simultaneously warned that the fight against high inflation is far from over, leading to hawkish undertones. The Fed also announced it would begin purchasing up to $40 billion in short-term Treasury securities to ease financial conditions. Analysts noted that Powell is balancing the Fed's dual mandates, suggesting future moves depend heavily on incoming economic data, and that Bitcoin needs strong momentum to break past the $94,500 resistance level.

(Source：CoinDesk)