The crypto market is on edge ahead of Federal Reserve Chair Jerome Powell's speech at Jackson Hole.
Bitcoin Situation Ahead of Powell's Speech
Bitcoin (BTC) hovers above $113,600 after a modest recovery. Its price at the time of writing is $113,894.69. Investors are watching Powell's remarks for insights on potential policy shifts.
Economic Risks for the Crypto Market
Expectations of a hawkish Fed stance could drive Bitcoin to deeper losses, while easing might induce short-term relief. 'The Fed faces a difficult balancing act: cut too soon and risk reigniting inflation, wait too long and growth risks deepen,' said Nick Ruck, director at LVRG Research.
Expectations Ahead of Jackson Hole
With Powell's comments looming, traders are preparing for potential volatility. Negative signals and analyses may accelerate Bitcoin's decline toward the critical $100,000 level.
Currently, Bitcoin remains range-bound, with Solana and Dogecoin showing positive trends. The key focus is on Jerome Powell's upcoming speech.
