The crypto market is holding its breath. Everyone's eyes are fixed on Jerome Powell, the head of the Fed, who is set to speak soon at Jackson Hole. You can feel the tension rising, as even a single word from him could swing the market.
Bitcoin has indeed plunged since its all-time high, dropping into the $113,000 range. This shows how quickly sentiment can change. The fear and greed index has plummeted, confirming that crypto is a hyper-sensitive barometer for assessing global risk appetite.
To be honest, the charts are quite fragile. Many analysts believe that the key support is around $108,000. If it falls below this, the price could drop to $100,000. Additionally, on-chain data shows that some short-term investors are already selling at a loss. Not great.
But not everything is bleak. While Bitcoin and Ethereum are stabilizing, altcoins like Solana and Dogecoin are showing strong performance. This is a good sign. It indicates that money is moving between projects rather than a general panic where everyone sells. The market is on a knife's edge, and a positive announcement from Powell could trigger a significant rally.
In summary, the situation is critical. We are in 'wait mode', and the Fed has the power to change everything. The $108,000 level for BTC is the point to watch. It will tell us the direction the market will take.
