📶⏏️ Bitcoin stabilizes at $113,000 before Jackson Hole ◀️
⚪ Bitcoin fell by 0.74 🔻 percent in the last 24 hours to $112,018, 🔺 while Ethereum dropped by 0.1 percent to $4,204. ↪️📈
⚪ Vincent Liu, investment director at Kronos Research, 🔺 stated that the market expects a "hawkish" message from Powell. 🔺 He added: 🟰 "A hawkish surprise could drive the market up, 🔺 but a hawkish tone may increase selling pressure" 🔺. Liu believes that if Powell does not provide any guidance on interest rates, the market will enter a phase of consolidation. 📊↪️
⚪ Powell had previously confirmed that the interest rate decision in September would be influenced by macroeconomic data 🔺. Wall Street currently expects a 25 basis point rate cut in September. ↪️📊
⚪ The CME FedWatch tool indicates that this possibility is at 74.4%. However, 🔺 recent data showed mixed expectations 🔺. While a decline in the consumer price index below expectations and an increase in unemployment claims point to a potential easing of inflationary pressures 🔺, the rise in the producer price index and continued inflation in service prices stoke concerns 🔺. Trump’s tariff fees are also expected to contribute to inflation. ⏏️⬅️↪️
⚪ According to Bitcoin Markets analyst, 🔺 Rachel Lucas 🔺, Bitcoin may see an additional correction of up to 30% if Powell adopts a hawkish tone 🔺. However, 🔺 Lucas pointed out that the current pullback aligns with the four-year halving cycle that Bitcoin experiences, 🔺 and that post-September prices may regain strength by the end of the year. 📶📉
⚪ The direction of the cryptocurrency market in the coming period will be determined by 🔺 U.S. inflation data, Federal Reserve meetings, and ETF fund flows. 📊↪️
📶◀️ * This is not investment advice ⏏️📶
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