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Market Focuses on Powell's Speech on Friday Following Bitcoin Pullback
Summary: Following a pullback in Bitcoin in recent days, all eyes are on Federal Reserve Chairman Powell's speech on Friday, August 22, to look for clues on the central bank's policy direction at the September meeting, according to analyst Ryan Rabaglia. Ryan Rabaglia, General Partner at Rise Capital venture capital fund, stated that with some mainstream ...
Following a pullback in Bitcoin in recent days, all eyes are on Federal Reserve Chairman Powell's speech on Friday, August 22, to look for clues on the central bank's policy direction at the September meeting, according to analyst Ryan Rabaglia.
Ryan Rabaglia, General Partner at Rise Capital venture capital fund, stated that with some mainstream coins reaching or nearing historical highs, there has been a significant profit-taking. The focus this week is on the Jackson Hole summit, where in past summits we have seen the Fed Chair take decisive action, even hinting at rate hikes or cuts. This summit will set the stage for September actions, with the market currently widely expecting a 25 basis point rate cut.
Analyst Bruni noted that if this week's comments indicate no rate cut in September, Bitcoin may continue to be under pressure, with traders watching the 200-day moving average near $10,000 as the next key support level.
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