Key Takeaway
Despite bearish indicators and cautious liquidity patterns, whales continue accumulating Bitcoin, signaling long-term confidence as sentiment flickers and traders await Powell’s Jackson Hole speech for market direction.
Bitcoin [BTC] has pulled back sharply after touching a record high of $124,500, sliding to around $113,000 in the wake of the Federal Reserve’s July FOMC minutes released on the 20th of August.
The minutes hinted at a more cautious economic outlook, triggering profit-taking across the market.
Attention now shifts to Fed Chair Jerome Powell’s upcoming Jackson Hole speech on the 22nd of August, which traders expect could offer further direction for risk assets.
Bitcoin rebounds, and analysts stay strong
Despite the retreat, Bitcoin is showing tentative signs of recovery, with CoinMarketCap data placing it at $113,653.44, up 0.22% over the past 24 hours, at press time.
Remarking on this shift in sentiment, Bitcoin entrepreneur and U.S. President Donald Trump’s crypto adviser David Bailey said,
“One of the most hilarious aspects of Bitcoin is sentiment. It flickers like a flame. One moment euphoria, moments later panic. Many bitcoin have exchanged hands through such emotions.”
As a word of advice, he further added,
“Zoom out. Stay focused. Glory lies ahead.”
In fact, blockchain analysts at Santiment also echoed similar sentiments when they noted,
Author: Ishika Kumari
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