Bitcoin Retreats After Warsh's Hawkish Jackson Hole Keynote Stuns Markets

Bitcoin's price retreated on Friday following Federal Reserve Chair Kevin Warsh's hawkish keynote at the Jackson Hole Economic Policy Symposium. The speech, which was considered hawkish, stressed that the US central bank has 'work to do' and that specific financial conditions have been difficult.

The odds for a rate hike immediately jumped from 35% to the mid-50s after Warsh's speech, causing Treasury yields to rise and precious metals like gold to log modest declines. Bitcoin briefly traded under $77,000 before buyers absorbed the intraday low.

Despite the drawdown, bullish momentum seems to be still intact, with technical indicators showing signs of an overbought territory but remaining in a positive territory according to moving averages.