BlockBeats news, on August 19, analyst Ryan Rabaglia stated that due to the recent pullback in Bitcoin, 'everyone' will be paying attention to Federal Reserve Chairman Powell's speech on Friday, August 22, to look for policy direction from central bank officials in the September meeting.
Ryan Rabaglia, general partner at Rise Capital venture capital fund, said: 'As some mainstream coins reach historical highs or approach their peaks, a significant amount of profit-taking has occurred. This week is marked by an important event—the Jackson Hole Summit, where all eyes will be focused. In past summits, we have seen the Federal Reserve Chairman take decisive action, even clearly hinting at interest rate hikes or cuts; this time he is also expected to take a clear stance. This summit will serve as a prelude to September's actions, and the market currently widely expects a 25 basis point rate cut.'
Analyst Bruni stated, 'If this week's comments indicate that there will be no rate cut in September, Bitcoin may continue to face pressure, and traders will focus on the 200-day moving average near $100,000 as the next important support level.'
