Bitcoin falls to 113,000 dollars as pressure on the Fed increases uncertainty.

Bitcoin falls to the level of 113,000 dollars amid pressures on the US Federal Reserve (Fed) and with investors cautious ahead of Friday's speech by its chairman, Jerome Powell, at the Jackson Hole symposium.

The minutes from the last meeting, published this Wednesday, show division within the central bank regarding the optimal level of interest rates, and also anticipate "difficult dilemmas" in the future.

"Some participants emphasized that much could be learned in the coming months from incoming data, which would help inform their assessment of the risk balance and the appropriate setting of the federal funds rate. At the same time, some pointed out that it would not be feasible or appropriate to wait for the full effect of tariffs on inflation to be clarified before adjusting the monetary policy stance," the text highlights.

In addition, US President Donald Trump has intensified criticism of the Fed, accusing Powell of failing to control inflation.

"The main factor defining Bitcoin's short-term outlook lies in the Fed's political direction," says Linh Tran, market analyst at XS.com, who believes the agency is facing a dilemma: "The economy is not weak enough to justify immediate rate cuts, but it is cooling enough for expectations of easing later this year to seem reasonable."

In this context, Powell's upcoming speech in Jackson Hole "is considered a crucial event. A more moderate tone, acknowledging the risks of slower growth, could provide short-term support for Bitcoin. Conversely, a firm commitment to a restrictive stance to contain inflation could trigger sharper corrections in Bitcoin and other risk assets," he says.

Beyond monetary policy, geopolitics continues to exert an indirect influence on Bitcoin's outlook.

"The conflict between Russia and Ukraine remains unresolved, while tensions in the Middle East persist and the risk of broader escalation looms. Traditionally, gold has served as a safe haven, but Bitcoin is increasingly seen as a non-sovereign asset in times of uncertainty. That said, its high volatility prevents it from fully replacing gold in the short term, and its safe-haven role is only heightened when global capital flows lean towards a risk-averse strategy," Tran adds.

In his opinion, in the short term, the trajectory of Bitcoin "will largely depend on the Fed's guidelines and the evolution of US bond yields. If 10-year TIPS yields decrease and the US dollar weakens, Bitcoin could regain its upward momentum. Conversely, a restrictive stance from the Fed would likely exert greater downward pressure, especially given the continued outflows of institutional capital."

However, in the long term, the outlook remains positive. "The continued expansion of the Bitcoin ecosystem, the increasing participation of traditional financial institutions, the development of ETFs, and the growing role of Bitcoin as digital gold provide strong structural backing for a sustained bullish trend in the long term," it states.