Tonight at 22:05, Fed Chairman Powell will deliver a speech of great significance. This speech is considered the most important part of the central bank's annual meeting, and its content will directly reflect the Fed's attitude and policy orientation towards the macro economy. At present, the monetary policy adopted by the Fed is to reduce its balance sheet every month while deciding whether to continue or suspend interest rate hikes based on macroeconomic data.#美联储是否加息？ 
Yet, despite widespread expectations that the Fed may have ended its rate hike cycle, Treasury yields have continued to soar. Treasury prices have continued to fall throughout August, pushing up yields and, in turn, borrowing costs. Further exacerbating the situation, U.S. stocks plunged again this morning, with the Nasdaq down nearly 2%. The bond market's retreat and rising borrowing costs that threaten a recession present a daunting challenge for Powell's upcoming speech: how to appease the Treasury market without undermining the Fed's own tightening policy. #BTC
Regarding Powell's speech, the market generally focuses on whether he will announce the continuation of monetary tightening policies, or be forced to abandon the current policies, or even launch quantitative easing policies. Although Powell will reveal the answer to this mystery tonight, as the U.S. bond market further gets out of control, the Federal Reserve may eventually have to abandon the current monetary tightening policy, or even launch quantitative easing policies. At the same time, Bitcoin is likely to be one of the beneficiaries, because in such a turbulent U.S. bond market, investors may seek safe havens in other assets.$BTC 
As far as the market is concerned, Bitcoin is still in a downward channel. If it wants to rebound further, it must first stand above $26,500 and face pressure levels of $27,500 and $28,500. If it fails to break through the current support level of $24,800-25,300, the price of Bitcoin will continue to fluctuate between $25,000 and $27,000. If it breaks through this support level, a large M-head trend may form, and the price may fall to $22,000-24,000.
These three cryptocurrencies have reached critical points!
XRP$XRP
XRP has also attracted market attention recently. The weekly chart of XRP shows a golden cross pattern, which is one of the most bullish indicators in technical analysis. A golden cross occurs when a short-term moving average crosses above a long-term moving average, indicating that a bearish trend may reverse to a bullish trend.
Apart from this, XRP has returned to a key support level on both the daily and weekly charts, which has been able to withstand selling pressure, giving people a positive sign. This could mean that XRP is in an accumulation phase, and smart money may buy the asset at a lower price before a breakout. In addition, XRP is about to face some major events, such as the upcoming appeal by the SEC, which could serve as a catalyst for price increases.
ADA$ADA
Another cryptocurrency that stood out was Cardano (ADA). It was showing divergence between the price and the relative strength index (RSI), especially near key resistance levels. When divergence occurs between the price and the indicator, it usually signals a potential change in trend. In this case, the RSI showed an uptrend, but the price of ADA was trending down, forming a bullish divergence. This divergence occurred near resistance levels and could indicate that bears are losing momentum and a bullish reversal could be imminent.
SUN
As for Solana (SOL), despite the ominous death cross forming on the chart, it broke out and found solid market support. While the death cross is usually a bearish signal, Solana has managed to maintain its price levels and even showed signs of rising. In the medium term, Solana’s performance may depend on whether it can maintain this new momentum and consolidate above the current price levels. If it can do this, then it may set the stage for further gains, with the next target likely being the $25-30 range, which would mean a major bullish reversal. However, investors should keep a close eye on volume and other technical indicators to tell if Solana can maintain its current trajectory.
In summary, the market is full of expectations and uncertainty about Powell's speech tonight. Regardless of whether his speech is hawkish or dovish, the key trends and signals for the cryptocurrency market remain. Bitcoin, XRP, and cryptocurrencies such as Cardano and Solana all face their own challenges and opportunities. Investors should stay alert, pay close attention to market dynamics, and make wise decisions.
