Is Powell's speech in Jackson Hole expected to break the BTC range-bound pattern?

On August 18, according to a report by QCP Capital, the price of BTC recently fell from $118,000 to $115,000, and ETH dropped from $4,500 to $4,300, resulting in over $400 million in long contract positions being liquidated.

This situation has also continued the 5% pullback trend from last week, when the liquidation amount in the DeFi sector exceeded $1 billion, while the market showed signs of profit-taking.

At the same time, the market's funding rate has turned negative, with the risk reversal leaning towards put options, indicating that the market is maintaining a cautious stance ahead of Federal Reserve Chairman Powell's speech at the Jackson Hole global central bank annual meeting.

However, institutional demand remains strong, with Metaplanet increasing its holdings by 775 BTC over the weekend. Despite the latest PPI data exceeding expectations (0.9% vs 0.2%), which further adds to the uncertainty of the Federal Reserve's policies, the BTC price continues to fluctuate within the range of $112,000 to $120,000.

Currently, the market needs to closely watch Federal Reserve Chairman Powell's speech on August 22 at the Jackson Hole meeting to see if it will break the current price range of BTC and ETH. At the same time, investors are also closely monitoring how institutions are reacting to the next market movements!

#杰克逊霍尔会议 # Powell讲话