BTC Dumps 10% 🔻 All Eyes on Powell’s Speech
Bitcoin has dumped 10% this week, sliding toward $112K — a brutal move fueled by Fed jitters. The chart is screaming weakness:
• Price rejected at EMA20/EMA40 and cascading lower.
• RSI(7) = 26 → deeply oversold, but no relief bounce yet.
• MACD bleeding red, momentum still pointing south.
🔥 The market’s eyes are now locked on Powell’s Jackson Hole speech (Aug 22).
• If Powell turns dovish → rate cut signals could reignite liquidity → BTC could snap back hard, shorts may get squeezed.
• If Powell stays hawkish → inflation > jobs, liquidity stays tight → BTC could bleed toward $110K or lower.
👉 Remember: CME FedWatchTool shows 100% odds of a September rate cut, but that recent 3.3% YoY PPI inflation complicates things. Powell’s tone will decide if this dump was the final flush or just the start of a deeper slide.
⚡ Traders are on edge — BTC has already lost $10K from last week’s highs. A single dovish line from Powell could flip this into a violent relief rally. But if he disappoints, $111K–$110K becomes the battlefield.
