FED Chairman Powell Will Speak Soon: What Will Its Effect Be on Bitcoin?

FED Chairman Jerome Powell will make important statements on August 23 at 17:00 Turkish time.

The Bitcoin (BTC) price continues to keep the crypto market stable by trading in a narrow range between $60,000 and $62,000 ahead of FED Chairman Jerome Powell's speech at the Jackson Hole meeting.

Powell's statement is not expected to have a major impact on Bitcoin and altcoins. On the other hand, short-term volatility may occur in parallel with the statement

Market observers are curious about how Powell's speech will affect crypto assets. The positive Consumer Price Index (CPI) data released last week indicates that Powell may adopt a dovish tone in his speech.

Amberdata evaluated this possibility in its weekly bulletin, and reported that Powell's more moderate approach could be positive for risky assets, especially cryptocurrencies.

However, crypto-focused technology platforms such as SignalPlus are noting that Powell may take a cautious stance. The options market on Deribit does not expect Powell’s speech to create significant volatility.

Martin Cheung, Pulsar Options Trading Manager, said he expects a 2.5% swing in the price of single-day Bitcoin options. Cheung said that such a narrow price movement indicates that Powell’s speech is not expected to have a significant impact on the market.

Market analyst Markus Thielen stated that Bitcoin’s volatile consolidation phase, which has been going on for the past two weeks, is about to end. Thielen said that there is an ascending triangle formation on Bitcoin’s chart, which could indicate a small-scale rally.

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