On August 26, Bitcoin (BTC) hit new daily lows as market jitters intensified into fresh macro triggers, as reported by Cointelegraph.
BTC/USD dropped to $21,332 on Bitstamp according to data from Cointelegraph Markets Pro and TradingView before new remarks from Jerome Powell, the chairman of the US Federal Reserve, were scheduled to be made, Cointelegraph noted.
Powell was scheduled to give a speech as part of the annual Jackson Hole conference for the Fed on that particular day, which audience members anticipated would offer fresh direction for future economic policy.
Interest in the magnitude of significant interest rate increases in September remained high despite the fact that U.S. Consumer Price Index (CPI) inflation has slowed since June. Macroeconomist David Hunter summarised the state of the U.S. economy and concluded that the Fed will be forced to alter its course before the year’s conclusion, Cointelegraph noted.
This Thursday, he tweeted, “Many signals we’re in recession with the economy continuing to decline.”
“Composite PMIs at 45, housing rolling over fast, retail is weak, labor conditions are deteriorating. Overseas is even worse. And inflation is rolling over & likely will surprise on the downside. Fed will pause this fall.” Regarding price projections, Michal van de Poppe, a contributor to Cointelegraph, identified $21,000 as a crucial mark to hold in the event of more loss. On the other hand, retesting $21,800 can cause a breakout above $23,000.
(With insights from Cointelegraph)
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