As Bitcoin experiences a recent downturn, analysts are closely watching U.S. Federal Reserve Chair Jerome Powell’s upcoming speech on Friday, August 22nd. The market anticipates insights into the central bank’s future policy direction, especially ahead of the September meeting. Ryan Rabaglia, general partner at Rise Capital, points to recent successes in mainstream cryptocurrencies reaching or approaching historical highs, leading to profit-taking. This has been compounded by the ongoing Jackson Hole Summit, a pivotal event this week that historically sees Fed Chair Powell making significant announcements. 25 basis point rate cuts are currently expected for September based on market sentiment.
Analyst Bruni adds that if Powell’s comments at this week’s summit indicate no rate cut in September, Bitcoin could face further pressure. Traders are closely monitoring the 200-day moving average near $100,000 as a potential support level.
#BTC