After triggering an impulse across the cryptocurrency market with a small but steady rise, Bitcoin price has reached a traffic jam and is now stuck ar
At the time of writing, Bitcoin price is $26,119, after dipping into the demand zone between $26,048 and $24,919. With this order block holding as a support level, one would expect aggressive buying from the bulls location within the aforementioned range. However, it appears traders are playing it safe, with all eyes peeled and ears set for the Wyoming meeting, slated for August 25 at 14:05 GMT.
Obviously, the more desirable outcome would be a dovish stance, with crypto proponents already biting their nails after months of consolidation followed by a steep crash on August 18. Once Powell takes the stage on Friday, traders will be looking for signs of easing hawkishness from his expressions. As early as now, however, the trajectory of inflation in the US is mainly apparent, maintaining a steady drop. This tilts the balance in favor of a possible dovish stance, but this is pending confirmation. Nevertheless, it remains to be seen whether the decline in inflation will call for a more measured or assertive approach to interest rate control.
On the other hand, to maintain current financial conditions, the Fed may have to avoid rate cuts, which would leave the market in suspense with possibilities of potential rate hikes, should things change. Noteworthy, this bolsters the Fed’s plans with the market’s concept of “higher for longer.” Fed Chair Powell's Jackson Hole speech is unlikely to bring new elements to the US monetary policy outlook, says Julian Brigden, from Macro Intelligence 2.
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