Bitcoin Rally Stalls, But Long-Term Sentiment Remains Bullish
In brief Bitcoin dropped as low as $76,877 on Friday after Fed Chair Kevin Warsh's hawkish Jackson Hole keynote, confirming the resistance zone flagged earlier this week. September rate-hike odds jumped to roughly 56% from about 35% a day earlier after Warsh said the Fed still has "work to do" on inflation.
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Key Facts
- Fact 1: In brief Bitcoin dropped as low as $76,877 on Friday after Fed Chair Kevin Warsh's hawkish Jackson Hole keynote, confirming the resistance zone flagged earlier this week.
- Fact 2: September rate-hike odds jumped to roughly 56% from about 35% a day earlier after Warsh said the Fed still has "work to do" on inflation.
- Fact 3: Myriad traders are still pricing Bitcoin's next major move at 77% for $84,000 versus 23% for $55,000, largely unmoved by Friday's selloff.
- Fact 4: Bitcoin fell as low as $76,877 on Friday, giving up most of a double-digit weekly gain after Fed Chair Kevin Warsh's first Jackson Hole keynote warned that inflation isn't cooling fast enough.
In brief Bitcoin dropped as low as $76,877 on Friday after Fed Chair Kevin Warsh's hawkish Jackson Hole keynote, confirming the resistance zone flagged earlier this week. September rate-hike odds jumped to roughly 56% from about 35% a day earlier after Warsh said the Fed still has "work to do" on inflation.
Myriad traders are still pricing Bitcoin's next major move at 77% for $84,000 versus 23% for $55,000, largely unmoved by Friday's selloff. Bitcoin fell as low as $76,877 on Friday, giving up most of a double-digit weekly gain after Fed Chair Kevin Warsh's first Jackson Hole keynote warned that inflation isn't cooling fast enough. The drop came from an overnight high of $81,455, inside the resistance zone that had already capped several prior breakout attempts this year.
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