Recently, the Bitcoin market has experienced a pullback, attracting the attention of investors. However, this may just be a manifestation of short-term profit taking. What is truly worth following is the upcoming speech by Fed Chairman Powell.

As an important figure influencing the cryptocurrency market, Powell's every statement can trigger drastic market fluctuations. Currently, investors are closely following the remarks of this 'invisible big player', hoping to glean clues about the future direction of the market.

Historical experience shows that Powell often uses such occasions to convey important monetary policy signals. This speech may not only set the tone for the Fed's September meeting but also hint at the widely expected 25 basis point rate cut in the current market.

Powell's speech undoubtedly has significant implications for the cryptocurrency market. If he hints at or confirms a rate cut in September, Bitcoin is likely to end its pullback and challenge previous highs again. Conversely, if he releases hawkish signals, Bitcoin may face further downward pressure, with the next important support level potentially around the 200-day moving average near $100,000.

Overall, Friday's speech will become a key factor influencing the short-term market direction. Both bulls and bears should closely monitor Powell's remarks and prepare for potential market fluctuations. At this uncertain time, maintaining vigilance and a flexible investment strategy is particularly important.