Bitcoin is pumping!

It's broken past $64,000. Here is the chart:

source

The trigger for the move were comments by Jay Powell, the Chairman of the Federal Reserve. He was responding to the revisions in data by the Bureau of Labour Statistics where they declared there were 810,000 fewer jobs than they thought.

That's a huge revision.

The Federal Reserve has a dual mandate: to keep inflation at 2% and to keep unemployment low. Inflation is at 2.9%, so it hasn't hit the target.

But it looks like the Fed is going to prioritise unemployment, as Powell said, “We do not seek or welcome further cooling in labor market conditions.”

That means an interest rate cut, possibly more than one. With inflation not really under control, that could send inflation back up again. To protect your savings you need bitcoin or gold. Both are moving up, (gold is now over $2,500 an ounce).

BTW - watch for the $69,000 mark. There are a lot of shorts at that level, and they're going to have to hurriedly buy bitcoin to close them if they want to exit with any profit - I wouldn't be surprised if they're closing them right now which is why bitcoin is moving up so powerfully.