Markets pivot to September Fed rate hike: Five things to know in Bitcoin this week
Bitcoin approached the August monthly close below key resistance with markets once again pricing in a Federal Reserve interest-rate hike in September.
Bitcoin is grappling with a key resistance level as markets anticipate a Federal Reserve interest rate increase in September. This shift in expectations comes following the Jackson Hole economic symposium, where Federal Reserve Chair Kevin Warsh called for a reevaluation of forward guidance. With multiple US employment reports set to be released this week, traders are closely monitoring the data for clues about the Fed's policy stance.
Warsh's comments suggest that despite recent improvements in inflation data, underlying trends have remained subdued. Meanwhile, oil markets are showing volatility due to geopolitical tensions and an energy deal involving Venezuela's oil reserves. Bitcoin has dipped slightly below its 50-week EMA, but remains above a critical SMA that could provide crucial support.
Written by urgent.news from Cointelegraph's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
