Recent price fluctuations in Bitcoin and Ethereum have caught the attention of traders ahead of Jerome Powell's significant address in Jackson Hole.
Bitcoin Price Collapse
Bitcoin's price has dropped to $113,000 after reaching a weekly peak near $124,000. Investors are showing caution at levels below $114,000, leading to significant market volatility.
Ethereum Reacts to Institutional Moves
Ethereum's recent decline is linked to massive outflows from ETFs, amounting to nearly $197 million. This caused a breach of the $4,200 support level, although institutional demand remains strong.
Crypto Market Overview
Analysts suggest that Bitcoin's price could reach $180,000–$200,000 by the year's end due to investment trends and supply constraints. Expectation also surrounds a potential U.S. executive order on establishing a strategic Bitcoin reserve.
In the face of macroeconomic uncertainty, traders are eager to see how Powell's remarks will impact the market, with similar sentiments observed for Ethereum. Institutional flows and ETF demand continue to be key drivers influencing price movements.
