The post Bitcoin Hovers Below $26,000, Await Powell’s Speech at Jackson Hole appeared first on Coinpedia Fintech News
Bitcoin’s price has struggled to surpass the $26,000 mark after breaching a crucial support level, accompanied by reports from On-Chain and Santiments signaling a potentially bearish trend.
Crypto assets have recently been consolidating in a volatile market, with all eyes on the upcoming speech by Federal Reserve Chair Jerome Powell at the Jackson Hole Symposium.
Why the Buzz Around Jackson Hole?
The annual Jackson Hole Economic Policy Symposium, scheduled from tonight until August 26, 2023, has captured attention due to its relevance amidst global economic transformations and the ongoing process of de-dollarization.
Framed around the theme of “Structural Shifts in the Global Economy,” the event delves into the repercussions of events such as the Russian invasion of Ukraine and the potential BRICS Group movement away from the US Dollar.
Jerome Powell’s Speech: The Deciding Factor
Market focus remains keenly on Jerome Powell, the US Federal Reserve Chair, set to deliver his speech on August 25. As uncertainty shrouds the US economic outlook, Powell’s insights into inflation targets, the Fed’s approach, and interest rate decisions carry immense significance. The cryptocurrency market, having faced sluggish momentum, anticipates Powell’s speech to potentially infuse renewed vigor.
BTC’s Current Price
Bitcoin currently hovers around $25,870.08, with a relative strength index (RSI) of approximately 20.00, signaling bearish sentiment. Nevertheless, the recent stabilization suggests a positive outlook for long-term bullish trends. The impending Jackson Hole Symposium is poised to inject much-needed excitement into a market that has experienced a lull in recent times.
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