The article discusses the anticipation surrounding Federal Reserve Chair Jerome Powell’s upcoming speech at Jackson Hole and its potential impact on the Bitcoin market. It highlights similarities in the current price action to the period leading up to last year’s speech, which resulted in a significant price drop for Bitcoin. However, the article also mentions that market conditions and Powell’s stance have evolved since then, making it uncertain how the market will react this time. The formation of a lower low in price increases the likelihood of a further downtrend for Bitcoin. The market sentiment remains dynamic, with traders and investors awaiting cues from Powell’s speech.
AI Sentiment: Negative