Bitcoin Blasts Past 'Bart Simpson' Pattern Levels as Fed Offers Support

Bitcoin (BTC) has surged past key resistance levels, despite analysts' warnings of a potential bearish 'Bart Simpson' pattern earlier in the week. On Thursday, Bitcoin rose by 5% to $81,000, defying expectations that it would fall back after its recent rally.

The Bart Simpson pattern, which involves three phases: an initial surge, a flat range, and a sharp pullback lower, was spotted by analysts across both Bitcoin and XRP. However, the assets have instead shown genuine momentum, with their Relative Strength Index (RSI) readings above 72, indicating a strong upward trend.

According to a Reuters NEXT interview, Federal Reserve Governor Christopher Waller expressed his willingness to keep interest rates steady at the upcoming September meeting if inflation continues to cool. This announcement was seen as supportive of risk assets, including Bitcoin and XRP.