Market Impact: Can Powell's speech break the BTC and ETH price range?

According to Ha Shilian news, QCP Capital's report indicates that the market is currently focused on whether Federal Reserve Chairman Powell's speech can break through the current Bitcoin price range of $112,000 to $120,000. Recently, the price of Bitcoin has fallen from $118,000 to $115,000, and Ethereum has dropped from $4,500 to $4,300, resulting in over $400 million in long positions being liquidated. This adjustment trend continues the previous 5% pullback, during which the liquidation amount in the DeFi sector exceeded $1 billion, while the market experienced a profit-taking phenomenon. Currently, funding rates have turned negative, and the risk reversal is leaning towards bearish options, indicating that the market remains cautious ahead of the Jackson Hole meeting. However, institutional demand remains strong, with Metaplanet increasing its holdings by 775 Bitcoin over the weekend. Although the PPI data exceeded expectations (0.9% vs. 0.2%), increasing uncertainty around Federal Reserve policy, the Bitcoin price still remains within the $112,000 to $120,000 range. The market is focused on whether Powell's speech will break the current range or if industry accumulation will lay the foundation for the next market move.