In recent days, amid a busy agenda, attention has turned to PCE data following developments that have worked against cryptocurrencies. The Federal Reserve signaled it would be slow in adjusting interest rates. Various members, alongside recent remarks from Powell, emphasized the need for data indicating limited inflation growth. So, what is the current state of Bitcoin 
$78,318 and Ethereum 
$2,399?
Bitcoin (BTC) Insights
At the time of writing, Bitcoin has touched a daily peak of nearly 114,000 dollars before hovering around 113,500 dollars. Reclaiming the 112,500-dollar support today is seen as positive, yet the market saw billion-dollar liquidations this week. Investors have been battered, though hopeful for further gains.
The coin’s trajectory presents a dual narrative. Factors like regulations, partnerships, cryptocurrency reserves, and global acceptance are promising for Bitcoin and cryptocurrencies. However, these elements support medium- to long-term growth, not necessarily driving immediate price hikes. The long-term outlook remains bullish, and compared to last September, many altcoins have already witnessed and continue to witness positive outcomes.
Phoenix anticipates a near-return to levels beyond 118,000 dollars.
“Come on, let’s hunt those peaks. It will be interesting to see what happens there.”
Analyzing similar conditions to prior declines, analysts expect continued upward movement towards 118,000 dollars, provided closures stay above 113,439 dollars. Although September may not historically favor cryptocurrencies, barring negative US data, October and November could invigorate appetites.
Ethereum (ETH) Prospects
Jelle noted that bulls tend to intimidate before significant rallies, mitigating panic over Ethereum’s decline. Sharing a chart, Jelle emphasized that a simple retest follows a bullish megaphone breakout, and there’s no need for concern unless closures start below a key black line.
If the critical region holds, Jelle feels encouraged for Ethereum’s continued movement towards 10,000 dollars. As of writing, Ethereum stands at 4,175 dollars, with Bitcoin’s price hikes aiding altcoins like XRP in recovering.
