Bitcoin (BTC) remained steady on Aug. 21 as a significant revision in US employment data failed to impact its price. Despite a massive downward adjustment of 818,000 jobs by the US Bureau of Labor Statistics, BTC showed flat price action. The revised figures indicated a weaker job market, potentially prompting the Federal Reserve to adjust its policies sooner. The upcoming speech by Fed Chair Jerome Powell at the Jackson Hole symposium on Aug. 23 is expected to address these concerns. The weakening US dollar, reaching its lowest levels in 2024, could benefit cryptocurrencies and risk assets. However, the current market setup, with BTC trading below $60,000, presents challenges for Bitcoin bulls. Traders are closely monitoring the DXY index, which has a historical inverse correlation with BTC/USD. Despite the lack of significant movement, analysts suggest that Bitcoin needs more strength to reverse the current trend compared to gold. Read more AI-generated news on: https://app.chaingpt.org/news