Bitcoin Stalls at Resistance Ahead of Jackson Hole
Bitcoin is approaching its next major resistance level as the Jackson Hole Economic Policy Symposium gets underway. The symposium, which runs from August 27-29, has a unique agenda that focuses on digital payments and fintech infrastructure. New Fed Chair Kevin Warsh will deliver his first keynote speech on Friday, August 28.
The current price of Bitcoin is around $80,526, up 1.9% in the last 24 hours. However, this level represents a significant resistance point for BTC, as it is roughly 2.5% below its previous high of $82,538. This comes after Bitcoin was rejected near $81,000 just two days ago.
The rally that brought Bitcoin to this price has been driven by macroeconomic factors, particularly the Treasury Secretary's announcement of expanded Treasury bond buybacks. This move pushed yields and the dollar lower, reviving the 'debasement trade' strategy.