Bitcoin Stalls as Markets Bet on Dollar Rebound Ahead of Jackson Hole

Bitcoin's price is currently at $79,699 after gaining 0.31% on August 28. The slight increase comes ahead of a keynote address by Fed Chair Kevin Warsh at the Jackson Hole Symposium, where traders expect the US dollar to rise and potentially pull Bitcoin's price down.

According to analyst Walter Bloomberg, 57% of dollar options flows this week suggest investors are expecting the US dollar to gain, up from 43% last week. The rising value of the dollar index (DXY) from 98.56 on August 21 to 99.19 at the time of writing supports this expectation.

Warsh's speech will likely influence the odds of a Fed rate hike in 2026, currently at 57% in prediction markets. If Warsh delivers a hawkish message, it could increase selling pressure and push Bitcoin's price down to $77,829, while a dovish remark might lead to higher highs on the RSI reading.