Is Powell's Jackson Hole Speech Expected to Break the BTC Range?
On August 18, according to a report by QCP Capital, the price of BTC recently dropped from $118,000 to $115,000, and ETH fell from $4,500 to $4,300, leading to the liquidation of over $400 million in long positions.
This situation continued last week's 5% correction trend, during which the liquidation amount in the DeFi sector exceeded $1 billion, and the market also showed signs of profit-taking.
Meanwhile, the market's funding rate has turned negative, and the risk reversal is skewed towards bearish options, indicating that the market is maintaining a cautious attitude before Federal Reserve Chairman Powell's speech at the Jackson Hole Global Central Bank Annual Meeting.
However, institutional demand remains strong, with Metaplanet increasing its holdings by 775 BTC over the weekend. Despite the latest monthly PPI data exceeding expectations (consensus 0.2%, actual 0.9%), which adds uncertainty to the Federal Reserve's policy, the BTC price still fluctuates within the range of $112,000 to $120,000.
Currently, the market needs to closely monitor Federal Reserve Chairman Powell's speech on August 22 at the Jackson Hole meeting, to see if it will break the current price range of BTC and ETH. At the same time, investors are also closely watching how institutions react to the next market developments!
