Bitcoin has finally broken free from its prolonged stagnation, and it seems Jerome Powell’s speech at Jackson Hole was the spark that ignited the rally.

The cryptocurrency has burst out of its $58k-$62k range, and investors are eagerly anticipating the next move.

With rate cuts confirmed for September, all eyes are on the August Payrolls report to gauge the magnitude of the reduction. Meanwhile, the upcoming US elections and bullish seasonality could converge to propel Bitcoin to all-time highs in Q4.

A crucial indicator to watch is the golden cross between the MVRV Ratio and its 365-day SMA, signaling a definitive return to bullish territory.

Bitcoin Spot ETFs Shows Massive Net Inflow Of $252 Million

Meanwhile, Bitcoin spot ETFs have seen a significant surge, with a record $252 million net inflow on August 23, followed by seven consecutive days of positive flows.

Notably, Grayscale’s GBTC ETF experienced an outflow, while its mini ETF BTC saw an inflow. BlackRock’s IBIT ETF and Fidelity’s FBTC ETF also recorded substantial inflows, indicating a growing investor appetite for Bitcoin exposure. As the landscape shifts, one thing is clear – Bitcoin’s recovery is gaining momentum.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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