Bitcoin remained largely unchanged on Saturday, as markets were mostly unmoved by comments from the Federal Reserve’s chair, Jerome Powell. Speaking at the annual Jackson Hole symposium, Powell hinted that more hikes were in the cards. Ethereum moved back towards a recent support point.
Bitcoin
Bitcoin continued to trade near the $26,000 region to start the weekend, as markets failed to react to Jerome Powell’s comments at the Jackson Hole symposium.
Powell stated that, “We are prepared to raise rates further if appropriate, and intend to hold policy at a restrictive level until we are confident that inflation is moving sustainably down toward our objective.”
BTC/USD fell to an intraday low of $25,914.93 on the comments, following Friday’s high at $26,406.15.
Price has since moved back above $26,000, as the relative strength index (RSI) began to trend sideways.
As of writing, price strength is now tracking at 25.71, which is closer to a ceiling of 29.00 than a floor of 20.00.
Should the index move beyond the 29.00 level, there could be more bulls reentering the market.
Ethereum
In addition to BTC, ethereum (ETH) edged lower on Saturday, as traders were underwhelmed by yesterday’s speech by the Fed chair.
Following a peak at $1,665.14 during yesterday’s session, ETH/USD dropped to a bottom of $1,641.63 earlier in the day.
As a result of the decline, the world’s second largest cryptocurrency moved below a support point of $1,650.
This week has seen ETH mostly trade between a low of $1,580 and a high of $1,690, with some occasional breakouts.
For bulls, a surge will need to occur at the resistance level of 33.00 on the RSI, in order for momentum to truly shift upward.
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What is behind the recent market consolidation? Leave your thoughts in the comments below.
