{"id":436465,"date":"2020-08-27T13:23:23","date_gmt":"2020-08-27T13:23:23","guid":{"rendered":"https:\/\/ktsl888.com\/?p=436465"},"modified":"2024-06-11T12:19:30","modified_gmt":"2024-06-11T12:19:30","slug":"bitcoin-plunges-ahead-of-powells-speech-analyst-expects-further-dips","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-plunges-ahead-of-powells-speech-analyst-expects-further-dips\/","title":{"rendered":"Bitcoin Plunges Ahead of Powell&#8217;s Speech; Analyst Expects Further Dips"},"content":{"rendered":"<p>Bitcoin plunged lower as traders waited for Federal Reserve Chairman Jerome Powell to deliver his keynote address at the annual Jackson Hole meeting starting later today.<\/p>\n<p>The benchmark cryptocurrency plunged 0.82 percent\u2013a modest dip\u2013to trade near $11,369. The move downhill came a day after BTC\/USD had climbed above the $11,500-mark. So it appears, traders used the local tops to secure short-term profits, thereby leading the pair to lower levels ahead of the New York trading session Thursday.<\/p>\n<p><a href=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/08\/cGlIp4YP.png\"><img data-recalc-dims=\"1\" height=\"860\" width=\"860\" decoding=\"async\" class=\"size-large wp-image-436469\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/08\/cGlIp4YP.png?fit=860%2C860\" alt=\"bitcoin, btcusd, btcusdt, xbtusd, cryptocurrency, crypto, s&amp;p 500, dji, nasdaq\" loading=\"lazy\"><\/a><\/p>\n<pre>Bitcoin choppy ahead of Powell's speech. Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/?exchange=COINBASE\" rel=\"nofollow\">TradingView.com<\/a><\/pre>\n<h2>Inflation Woes<\/h2>\n<p>Much of uncertainty in the Bitcoin market appeared as traders remained divided over the outcome of Powell&#8217;s speech. Many expected the Fed chair to shed more light on the Fed&#8217;s views on inflation. Since 2012, the US central bank had maintained the consumer price index near 1.5 percent, which was way below its ideal target of 2 percent.<\/p>\n<p>Economists now see Powell going ahead with a new formula called the &#8220;average inflation targeting.&#8221; The new policy framework will allow the Fed to push the inflation above or below 2 percent. That would\u00a0push the prices of goods and services higher in the coming years.<\/p>\n<div class=\"jeg_video_container jeg_video_content\"><\/iframe><\/div>\n<p>It is one of the reasons why economists are uncertain about the policy, for the US politicians may speak against it, mainly ahead of the Presidential election in November 2020.<\/p>\n<p>Bitcoin price has rallied by more than 200 percent since March 2020, after sensing that inflation would reduce the US dollar&#8217;s purchasing power. The same has caused havoc in the greenback&#8217;s market, the index of which earlier fell to its 27-month low against a basket of foreign currencies.<\/p>\n<p>Global central banks, on the whole, had injected $70 trillion worth of liquidity into the markets since March 2020. That has majorly helped the safe-haven markets. Gold, for instance, logged a record high earlier this August \u2013 and is now trading 26 percent higher on a year-to-date timeframe.<\/p>\n<h2>More Bitcoin Plunge Expected<\/h2>\n<p>Micha\u00ebl van de Poppe, a market analyst, envisioned Bitcoin in a bearish technical structure. He noted that the cryptocurrency could continue its corrective move further towards $11,000-$10,500 before it attempts a full-fledged pullback to the upside.<\/p>\n<figure id=\"attachment_436472\" aria-describedby=\"caption-attachment-436472\" style=\"width: 860px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/08\/EgbHxe_XYAEC_l5.png\" target=\"_blank\" rel=\"noopener \"><img data-recalc-dims=\"1\" height=\"860\" width=\"860\" decoding=\"async\" class=\"size-large wp-image-436472\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/08\/EgbHxe_XYAEC_l5.png?fit=860%2C860\" alt=\"bitcoin, btcusd, btcusdt, xbtusd, cryptocurrency, crypto, s&amp;p 500, dji, nasdaq\" loading=\"lazy\"><\/a><figcaption id=\"caption-attachment-436472\" class=\"wp-caption-text\">Bitcoin price targets presented by Micha\u00ebl van de Poppe. Source: TradingView.com<\/figcaption><\/figure>\n<pre>Bitcoin price targets presented by Micha\u00ebl van de Poppe. Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/?exchange=COINBASE\" target=\"_blank\" rel=\"noopener nofollow\">TradingView.com<\/a><\/pre>\n<blockquote><p>&#8220;The primary scenario is getting a follow-through here,&#8221; said Poppe.<\/p><\/blockquote>\n<p>On larger timeframes, Bitcoin remains in a medium-term uptrend. The cryptocurrency so far has held $10,500 as a credible support level. Upon testing it again on the next dip, BTC\/USD can attempt another run towards $12,000.<\/p>\n<p>Powell is expected to speak at 0910 Eastern Time.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin plunged lower as traders waited for Federal Reserve Chairman Jerome Powell to deliver his keynote address at the annual Jackson Hole meeting starting later today. The benchmark cryptocurrency plunged 0.82 percent\u2013a modest dip\u2013to trade near $11,369. The move downhill came a day after BTC\/USD had climbed above the $11,500-mark. So it appears, traders used the local tops to secure short-term profits, thereby leading the pair to lower levels ahead of the New York trading session Thursday. Bitcoin choppy ahead of Powell&#8217;s speech. Source: TradingView.com Inflation Woes Much of uncertainty in the Bitcoin market appeared as traders remained divided over the outcome of Powell&#8217;s speech. Many expected the Fed chair to shed more light on the Fed&#8217;s views on inflation. Since 2012, the US central bank had maintained the consumer price index near 1.5 percent, which was way below its ideal target of 2 percent. Economists now see Powell going ahead with a new formula called the &#8220;average inflation targeting.&#8221; The new policy framework will allow the Fed to push the inflation above or below 2 percent. That would\u00a0push the prices of goods and services higher in the coming years. It is one of the reasons why economists are uncertain about the policy, for the US politicians may speak against it, mainly ahead of the Presidential election in November 2020. Bitcoin price has rallied by more than 200 percent since March 2020, after sensing that inflation would reduce the US dollar&#8217;s purchasing power. The same has caused havoc in the greenback&#8217;s market, the index of which earlier fell to its 27-month low against a basket of foreign currencies. Global central banks, on the whole, had injected $70 trillion worth of liquidity into the markets since March 2020. That has majorly helped the safe-haven markets. Gold, for instance, logged a record high earlier this August \u2013 and is now trading 26 percent higher on a year-to-date timeframe. More Bitcoin Plunge Expected Micha\u00ebl van de Poppe, a market analyst, envisioned Bitcoin in a bearish technical structure. He noted that the cryptocurrency could continue its corrective move further towards $11,000-$10,500 before it attempts a full-fledged pullback to the upside. Bitcoin price targets presented by Micha\u00ebl van de Poppe. Source: TradingView.com &#8220;The primary scenario is getting a follow-through here,&#8221; said Poppe. On larger timeframes, Bitcoin remains in a medium-term uptrend. The cryptocurrency so far has held $10,500 as a credible support level. Upon testing it again on the next dip, BTC\/USD can attempt another run towards $12,000. Powell is expected to speak at 0910 Eastern Time.<\/p>\n","protected":false},"author":50,"featured_media":436167,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1144,78790,6664,1558,56432,3110,3738,76835],"class_list":["post-436465","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-crypto","tag-cryptocurrency","tag-dji","tag-nasdaq","tag-sp-500","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>Bitcoin Plunges Ahead of Powell&#039;s Speech; Analyst Expects Further Dips<\/title>\n<meta name=\"description\" content=\"Bitcoin plunged lower as traders waited for Federal Reserve Chairman Jerome Powell to deliver his keynote address at the annual Jackson Hole meeting\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ktsl888.com\/news\/bitcoin-plunges-ahead-of-powells-speech-analyst-expects-further-dips\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Plunges Ahead of Powell&#039;s Speech; 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He is profoundly active in the bitcoin space since 2014 \u2013 and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN. Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. 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