Bitcoin price taps $21.3K ahead of Fed Chair Powell Jackson Hole speech
Bitcoin (BTC) fell to daily lows on Aug. 26 as market nerves heightened into new macro triggers.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD dipping to $21,332 on Bitstamp ahead of fresh commentary from Jerome Powell, Chair of the United States Federal Reserve.
Part of the Fed’s Jackson Hole annual symposium, Powell was set to deliver a speech on the day that spectators hoped would provide new cues on economic policy going forward.
With U.S. Consumer Price Index (CPI) inflation slowing since June, interest remained high over the extent of key interest rate hikes in September.
Summarizing the current economic situation in the U.S., macro analyst David Hunter argued that the Fed would have no choice but to change course before the end of the year.
“Many signs we're in recession w/economy continuing to decelerate,” he told Twitter followers this week.
According to CME Group's FedWatch Tool, however, a majority still favored a repeat of July’s 75-basis-point raise.
Bitcoin circles meanwhile kept an eye on potential volatility going into this year’s Jackson Hole.
Related: Wen moon? Probably not soon: Why Bitcoin traders should make friends with the trend
“We often see an increase in volatility just before FED announcements, but that may be limited if some of the near range liquidity doesn't get cleared out,” on-chain analytics resource Material Indicators wrote in part of comments on the day.
An accompanying chart showed buy and sell levels on the Binance order book, these strengthening closer to spot at the time of writing, reducing the potential for a breakout.
Continuing, Keith Alan, nonetheless predicted that an end to the sideways price action (PA) of recent days would have to enter.
“PA will be forced to
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