BTC Price To Hit Local Bottom Above This Key Support Area?

The BTC price is maintaining the range around $26,000 after a week of volatility and gains for the S&P 500 Index and Nasdaq after US Fed Chair Jerome Powell indicated in his Jackson Hole speech that the inflation in the United States economy is still too high. While the Fed officials made it clear that there could not be any interest rate cuts in near future, Powell warned that the central bank will not hesitate to further hike rates if appropriate in order to bring the inflation down to the 2% target.

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Local Bottom For BTC Price

On August 24, 2023, Bitcoin saw a sharp fall surrounding the much awaited Powell speech. The Jackson Hole event led selloff was actually the largest liquidation event since December 2021. Meanwhile, crypto analyst CrediBULL stated that despite short positions placed below the $20,000 mark, there is no concrete testing of bullish sentiment for the top cryptocurrency.

“Calls for 20k, 12k and 10k pouring in despite no actual break in bullish market structure to signal any sort of shift in momentum (first break is at 24.8k).”

Hence, unless the BTC price drops below the $24,800 level, there could likely be a continuation of a bullish wave in the weeks ahead. In the first week of September 2023, the U.S. Securities and Exchange Commission (SEC) is scheduled to deliver updates on several spot Bitcoin ETF filings, including that of Blackrock, as part of the first deadline. However, chances are that the deadline would not mean anything as the agency could pass it off with no real update on the decision.

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