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Activity in the crypto market remains relatively subdued ahead of Friday’s Jackson Hole meeting, with BTC trading in a range between support at $20,900 and resistance at $21,700 and showing no signs of an impending breakout. At the time of writing, Bitcoin is trading at a price of $21,500.
“So far, markets have been hoping a dovish Fed, but the Fed mentioned that its highest priority is to get inflation back down, and not pleasing the markets,” Lifchitz said. “The next Fed decision on rates is on Sep.21st, but it could also announce an intermediate rate hike at the Jackson Hole meeting or shortly after.”
Markets must wait. There is not much participants can do until Powell makes his speech on Friday. “Powell's speech will be key: He will try to get his point with just some talks but if results are not happening, then he won't have any choice but to act,” Lifchitz said.
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