Bitcoin Hits Resistance as Fed Meets at Jackson Hole

Bitcoin's price surge has reached $80,526, up 1.9% on the day and 23.6% in its second-strongest weekly performance since early 2021. The cryptocurrency's move is largely macro-driven, fueled by Treasury Secretary Scott Bessent's announcement of expanded Treasury bond buybacks, which pushed yields and the dollar lower.

The charts are signaling overbought conditions for BTC, with an RSI at 82.4 - well into overbought territory. However, the fundamental tailwinds remain real and building, including another White House tease about the U.S. potentially accumulating more Bitcoin.

The Federal Reserve's Jackson Hole symposium is underway under the theme 'Financial Innovation: Implications for Payments and Policy', with new Chair Kevin Warsh delivering his first keynote on Friday. The event could provide a signal that the Fed is comfortable with looser policy, which would be a boon to Bitcoin's price.

The technical picture argues for at least a pause before any push through resistance, as an RSI above 80 has repeatedly capped Bitcoin's upside in this rally.