Crypto markets hold breath as investors await Powell's Jackson Hole speech

The cryptocurrency market is currently consolidating within key technical ranges as investors await US Federal Reserve Chair Jerome Powell’s final Jackson Hole address later today, which is expected to provide insights into the central bank’s stance on inflation and interest rate policy.

 

The flagship cryptocurrency Bitcoin is trading near $113,000, reflecting a modest pullback from its recent peak around $124,000, marking a nearly 9 per cent drop in August. Meanwhile, Ethereum is trading around $4,280, slightly lower intraday but outperforming Bitcoin with a 2–3 per cent gain over the past 24 hours.

 

Amid this consolidation, top altcoins like Ethereum (ETH), Ripple (XRP), Binance Coin (BNB), Solana (SOL), Tron (TRX), Dogecoin (DOGE), and Cardano (ADA) have managed to hold on to recent gains. While bulls are attempting to trigger a recovery, analysts believe that bearish sentiment still dominates the broader crypto market. Despite minor upticks, technical indicators suggest limited momentum, with investors remaining cautious.

 

Bitcoin (BTC) price today

The world’s largest cryptocurrency, Bitcoin (BTC), has recovered slightly from its 24-hour low of $111,986.23 but continues to trade lower on Friday. According to the latest data from CoinMarketCap, BTC was priced around $113,241, down 0.36 per cent over the past 24 hours.

 

Bitcoin’s 24-hour trading volume stood at $57.51 billion, with the coin fluctuating between $111,986 and $113,984 during the same period. Its market capitalisation remains the highest among all cryptocurrencies, at approximately $2.25 trillion.

Investors eye US Fed Jackson Hole speech

Bitcoin is trading within a narrow range as investors await Jerome Powell’s Jackson Hole address, said Edul Patel, Co-founder and CEO of Mudrex. “A dovish tone in the speech could trigger a relief rally, while a hawkish stance could put further pressure on Bitcoin prices,” said Patel.

 

Echoing similar views, Riya Sehgal, research analyst, Delta Exchange, said that beyond price action, macro and regulatory factors are in focus as investors are closely watching Powell’s final Jackson Hole address for guidance on inflation and interest rate policy. At the same time, US regulators are accelerating their digital asset frameworks, with the CFTC launching the next phase of its ‘Crypto Sprint’ and the SEC advancing ‘Project Crypto’. 

 

"These initiatives, if aligned, could significantly shape the structure and adoption of regulated crypto markets," said Sehgal.

 

Meanwhile, ETF flows reflect cautious rotation. Fidelity’s Ethereum fund recorded an $8.6 million inflow, while the Bitcoin fund experienced a $7.5 million outflow, signalling a subtle shift in sentiment toward Ethereum, according to CoinSwitch Markets Desk.

 

On the macro front, Cleveland Fed President Beth Hammack reinforced a hawkish view, stating that inflation remains too high and opposing any rate cuts. This, analysts believe, contributed to downward pressure on crypto prices ahead of Powell’s anticipated remarks.

 

Nevertheless, institutional interest remains evident. Family offices in Hong Kong and Singapore are increasingly adopting Bitcoin as a portfolio diversifier. Trading volumes on HashKey have risen 85 per cent year-on-year, while South Korean crypto exchange volumes have increased over 20 per cent.

Bitcoin faces resistance at $113,200–$113,800 levels

From a technical perspective, Bitcoin on the 4-hour chart is trading inside a falling channel. Despite recent concerns stemming from US unemployment data, Bitcoin has shown notable resilience. According the analysts the support for the Bitcoin is seen at $112,300 to $112,000, while resistance is expected around $113,200 to $113,800, where the exponential moving average (EMA) cluster lies. The bulls, they said, must defend the $110,000 to $112,000 zone to avoid further downside. 

 

“Currently trading at $113,200, a weekly close above $114,000 could give control back to the bulls and position Bitcoin for potential upside,” said Patel.

 

Sehgal believes that a breakout above $113,800 could open the path toward $115,400 to $116,200. However, she maintains that the broader bias remains bearish to neutral.

Ethereum (ETH), altcoins trade lower

Altcoins, while showing signs of resilience, were mostly trading lower. Ethereum, the world’s second-largest cryptocurrency by market capitalisation, was trading near the $4,300 mark. At last check, ETH was priced at $4,290, down 0.31 per cent, with a 24-hour trading volume of $33 billion.

 

Analysts noted that Ethereum is forming a descending triangle pattern. Key support is placed at $4,210 to $4,220, while resistance is seen around $4,300 to $4,310. With declining volumes, Sehgal believes Ethereum is poised for a decisive move in the coming sessions.

 

Among the popular altcoins, Cardano (ADA) was down 2.61 per cent. Solana (SOL) fell 2.18 per cent. Dogecoin (DOGE) declined by 2.28 per cent. Ripple (XRP) was down 2.02 per cent. Binance Coin (BNB) slipped 1.89 per cent. Sui (SUI) dropped 1.12 per cent. Hyperliquid (HYP) was down 0.93 per cent. Tron (TRX) traded flat.