Bitcoin price taps $21.3K ahead of Fed Chair Powell Jackson Hole speech

Bitcoin price taps $21.3K ahead of Fed Chair Powell Jackson Hole speech

Daily lows greet Bitcoin traders as markets await fresh macro cues from the Fed.

Bitcoin price taps $21.3K ahead of Fed Chair Powell Jackson Hole speech

Bitcoin (BTC) fell to daily lows on Aug. 26 as market nerves heightened into new macro triggers.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Pre-Fed blues hit BTC markets

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD dipping to $21,332 on Bitstamp ahead of fresh commentary from Jerome Powell, Chair of the United States Federal Reserve.

Part of the Fed’s Jackson Hole annual symposium, Powell was set to deliver a speech on the day that spectators hoped would provide new cues on economic policy going forward.

With U.S. Consumer Price Index (CPI) inflation slowing since June, interest remained high over the extent of key interest rate hikes in September.

Summarizing the current economic situation in the U.S., macro analyst David Hunter argued that the Fed would have no choice but to change course before the end of the year.

“Many signs we’re in recession w/economy continuing to decelerate,” he told Twitter followers this week.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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