Bitcoin · Kevin Warsh · Federal Reserve (FED) · Wall Street · Cointelegraph
Bitcoin dips to $78.4K as Fed’s Warsh downplays softer inflation prints
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Bitcoin failed to make a decisive break above $80,000 as traders digested Fed Chair Kevin Warsh’s Jackson Hole keynote speech, which remained wary of US inflation trends.
Key facts
- Data from TradingView showed BTC/USD dipping to $78,442 on Bitstamp in volatile trading conditions, down around 1% at the time of writing
- Previously, on expectations for the monthly close, with analysis demanding that BTC/USD break above a downward-sloping trend line and defend the 50-week exponential moving average near $77,250
- At the time of writing, BTC/USD was up 26.35% month-to-date, per data from CoinGlass, marking its best August performance since 2017
- Bitcoin failed to make a decisive break above $80,000 as traders digested Fed Chair Kevin Warsh’s Jackson Hole keynote speech, which remained wary of US inflation trends
Summary
Bitcoin (BTC) saw volatility after Friday’s Wall Street open as markets reacted to US Federal Reserve chair Kevin Warsh’s comments on future monetary policy. Bitcoin initially fell during Fed chair Kevin Warsh’s Jackson Hole keynote speech before circling $79,500. Warsh said he sees no trend change in inflation despite recent lower PCE and CPI prints. BTC price action sustaining above $83,000 hinges on Bitcoin derivatives traders, analysis says.