Bitcoin (BTC) traded in a tight range between $77,000 and $78,000, rising 1.03% to $77,942. The subdued momentum arrives just days before Federal Reserve Chair Kevin Warsh delivers his first speech at the Jackson Hole Symposium in Wyoming, scheduled to run from August 27 to August 29, with his address set for August 28.
Markets are evaluating whether the Fed Chair's remarks will offer hints regarding potential interest rate hikes before the end of 2026, amid rising US debt and inflation pressures tied to the US-Iran conflict. Analyst Walter Bloomberg noted that Warsh is expected to maintain a neutral tone, though 7% of investors anticipate a dovish stance following a drop in US inflation from 3.5% in June to 3.4% in July. US Treasury yields have begun dropping ahead of the address.
On the charts, Bitcoin has been trading within a falling wedge pattern on the one-hour timeframe and moved above the $77,800 resistance level. Technical indicators show the Relative Strength Index (RSI) at 54, alongside green and growing Awesome Oscillator (AO) bars, signaling mild momentum favoring the bulls. Depending on the tone of the Jackson Hole address, analysts suggest BTC could test the $81,900 level if the Fed signals an end to rate hikes, or drop to $75,500 if the odds of rate increases rise.
Meanwhile, on-chain data from CryptoQuant indicates that capital entering the Bitcoin market grew from $20.6 billion to $24.9 billion. Analyst Woominkyu pointed out that this growth stems from fresh capital rather than borrowed funds, avoiding the risks of leverage-driven liquidations. Additionally, analyst Ali Chart noted that a recent 23% gain over three trading days signals the start of a bull cycle.
