Crypto market watch: BTC remains rangebound ahead of Fed Chair Jerome Powell’s speech

The crypto market stepped sluggishly into Friday, August 22 with majority assets indicating at volatility. Bitcoin, over the last 24 hours, maintained price at the $113,000 mark. At the time of writing, the most expensive cryptocurrency was retailing at $113,150 having clocked a loss of 0.44 percent in the last 24 hours, data by CoinMarketCap showed.

Fed chair Jerome Powell is scheduled to address topics around economy, inflation, and interest rates later on Friday. Ahead of his speech in Jackson Hole, Bitcoin along with a majority of other assets reflected rangebound movements.

“Bitcoin trading near $113,000 reflects a market caught between fatigue and anticipation. The looming $13.8 billion options expiry is a major stress test, with bulls and bears locked in a tight contest for direction. Signals suggest the current bull cycle could be maturing, which naturally makes investors more cautious, yet history shows such phases often precede defining breakouts,” Avinash Shekhar, the co-founder and CEO of the Pi42 crypto exchange told CoinHeadlines.

Analysts believe that With Powell’s speech around the corner, macro cues will likely dictate whether crypto stibilizes at these levels or gears up for its next decisive move.

Ether is showing consistent fluctuations, mostly registering miniscule losses. The asset is presently trading at $4,290 on international exchanges, CoinMarketCap showed. ETH, despite its ongoing loss-spell, has managed to outperform BTC these past days.

“Cleveland Fed President Beth Hammack reinforced a hawkish stance—stating inflation is still too high and opposing a rate cut—causing crypto prices to slide ahead of anticipated remarks from Fed Chair Powell at Jackson Hole. Yet, amid macro cautiousness, institutional interest remains evident: family offices in Hong Kong and Singapore are increasingly adopting Bitcoin as a portfolio diversifier, with trading volumes on HashKey up 85 percent YoY and South Korean exchange volumes rising over 20 percent,” said the CoinSwitch Markets Desk in conversation with CoinHeadlines.

Binance Coin, Tron, Solana, Ripple, Dogecoin, Chainlink, and Shiba Inu are among assets reeling under price dips. Polkadot, Uniswap, Monero, Aave, Ethena, and KuCoin Token, meanwhile, have managed to rope-in minor profits.

Analysts fear that if BTC fails to defend the range between $110,000 and $112,000 — it could dive deeper into slumber.

“A dovish tone in Powell’s speech could trigger a relief rally. However, a hawkish stance on the rate cut could put more pressure on BTC,” said Edul Patel, the CEO and co-founder of Mudrex.

Investors have been advised to maintain caution as the market continues to remain volatile.