The cryptocurrency market is looking braced for Jackson today, with the keynote speech from Powell set to take place at 10.00 am Eastern Time.



Yesterday, we saw the market weighing up some dovish Fed member comments and also higher jobless claims & better PMI data.

At present, the odds of a rate cut in September have dropped to around 73 percent, about a 20 percent decline from the start of the week.

Bitcoin Perfected

The Demark indicator has now issued a perfected daily and 12-hour time frame signal, following the lower daily low yesterday.

This really does increase the chances of a Bitcoin rebound today, although what Powell says today could derail the perfected signal.

Notably, the target of the perfected signal, according to Demark, is the current all-time price high for Bitcoin.

Other Influences

Some really interesting things are happening to the Order Book surrounding Bitcoin right now, raising further optimism for a recovery today.

The Bid to Ask ratio has turned positive for the first time since Bitcoin traded at around 80,000 USD earlier this year.
IN-6.78%
BTC-1.18%
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • 1
  • 1
  • Share
Comment
0/400
CryptoLoverArtistvip
· 08-22 22:07
wow
Reply0
Trade Crypto Anywhere Anytime
qrCode
Scan to download Gate App
Community
English
  • 简体中文
  • English
  • Tiếng Việt
  • 繁體中文
  • Español
  • Русский
  • Français (Afrique)
  • Português (Portugal)
  • Bahasa Indonesia
  • 日本語
  • بالعربية
  • Українська
  • Português (Brasil)