Bitcoin Maintains Range Around $26,000 Amidst Volatility and Powell Speech
The BTC price is currently holding steady around $26,000 following a week of ups and downs in the market. This comes after US Fed Chair Jerome Powell’s speech at the Jackson Hole event, where he acknowledged that inflation in the US economy is still high. While the Fed has no plans for interest rate cuts in the near future, Powell cautioned that the central bank will not hesitate to raise rates further if necessary to bring inflation down to its target of 2%.
Key Points:
- Bitcoin experienced a significant drop after Powell’s speech, marking the largest liquidation event since December 2021.
- Despite calls for lower prices, there is no concrete evidence of a shift in bullish sentiment for Bitcoin.
- If the BTC price remains above $24,800, there is potential for a continuation of the bullish trend.
- The SEC is expected to provide updates on several Bitcoin ETF filings in September, but the outcome may not bring any significant changes.
Hot Take:
Despite the recent volatility and Powell’s remarks, the BTC price seems to be holding its ground. While there may be short-term fluctuations, the overall bullish market structure remains intact. Keep an eye on the SEC updates, but don’t expect them to have a major impact on Bitcoin’s trajectory in the near future.
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