Analysts flag $80,000 as a critical level for Bitcoin, which has surged 22% in a week, as Fed Chair Warsh’s speech looms.
Bitcoin approached $77,800 on Monday, rallying 22% from a weekly low of $63,387, as traders brace for resistance at $80,000. Analysts describe the current phase as the “late stage of the bear market,” with macroeconomic factors driving price action rather than crypto-specific trends.
The Jackson Hole symposium, running Thursday to Saturday, will be closely watched, particularly Fed Chair Kevin Warsh’s Friday keynote. Markets are pricing a 38.4% chance of a 25 basis point hike at the Fed’s September meeting, down from 82% a month ago. Warsh’s communication style, a focus since his May appointment, will be scrutinized for policy signals.
Bitcoin’s correlation with broader macro trends has intensified, with Coinshares noting its moves reflect a “macro story, not a crypto one.” Traders await Warsh’s remarks for clues on the Fed’s next steps, which could sway risk assets.