The crypto market faced heavy selling pressure today as Bitcoin slipped below $114K while Ethereum dropped under $4,200. Traders are bracing for Federal Reserve Chair Jerome Powellโs upcoming Jackson Hole speech, which could hint at a more hawkish monetary stance.
๐ $BTC : Now around $113K, after recently touching highs near $124K.
๐ $ETH : Trading near $4.1K, losing key support levels.
Why the drop?
Macro Uncertainty: Investors expect Powell to stress inflation risks, which could dampen risk assets like crypto.
Short-Term Holders Selling: Data shows over 20K $BTC sold at a loss, fueling bearish sentiment.
Technical Breakdown: BTC has slipped below its 50-day EMA, raising correction fears.
But itโs not all bearish ๐:
Analysts like Bernstein still see a path to $200K BTC, citing ETF inflows & institutional demand.
Long-term fundamentals remain strong as whales continue accumulating.
โก๏ธ For now, the market is cautious. All eyes are on Jackson Hole โ if Powell signals rate cuts are still far away, more volatility could hit both Bitcoin & Ethereum.
