• Bitcoin’s price has struggled to surpass the $26,000 mark.
• Attention is directed to the upcoming speech by Federal Reserve Chair Jerome Powell at the Jackson Hole Symposium.
• Bitcoin currently hovers around $25,870.08, with a bearish sentiment signaled by an RSI of 20.00.
Bitcoin Struggles Below $26K
Bitcoin’s price has recently been consolidating in a volatile market and struggling to surpass the $26,000 mark after breaching a crucial support level. Reports from On-Chain and Santiments are signaling a potentially bearish trend.
Attention on Jackson Hole Symposium
The annual Jackson Hole Economic Policy Symposium is garnering attention due to its relevance amidst global economic transformations and the ongoing process of de-dollarization. Framed around “Structural Shifts in the Global Economy”, this event delves into significant current events such as Russia’s invasion of Ukraine and the potential shift away from US Dollar by BRICS Group nations.
Jerome Powell Speech Impact
All eyes are now on Jerome Powell, US Federal Reserve Chair, who will deliver his speech on August 25th at Jackson Hole Symposium. His insights into inflation targets, Fed’s approach and interest rate decisions have immense significance on uncertainty surrounding US economic outlook as well as cryptocurrency market which faces sluggish momentum lately.
Bitcoin Price Update
At present time, Bitcoin hovers around $25,870.08 with RSI of approximately 20 indicating bearish sentiment in the market however recent stabilization suggests positive outlook for long-term bullish trends that could be spurred up byJackson Hole Symposium tomorrow night.
Conclusion
Crypto assets have recently been consolidating in a volatile market with all eyes on Jerome Powell’s speech at Jackson Hole Symposium that may infuse renewed vigor into cryptocurrency market that struggles below $26k mark despite recent stabilization suggesting potential for long-term bullish trends being ahead.