Bitcoin Stuck in Summer Slumber as Wall Street Favors Ethereum

Bitcoin's price action over the past week has been lackluster, failing to break out of its $60K range. This is largely due to three key factors: Strategy's continued selling, a bearish technical structure, and mixed macroeconomic data.

The company that was once Bitcoin's largest consistent buyer is now a consistent seller, removing some of the market's psychological support. In addition, the price broke below its momentum line at $63.9K, and remains below its 100-day EMA at $66,735 and 200-day EMA at $72,097.

Furthermore, July's CPI came in at 3.4% YoY, which was in line with forecasts but not enough to remove any remaining rate hike probability. This has left the market in a state of uncertainty ahead of Jackson Hole, where Kevin Warsh will speak on August 21-22.

Warsh's speech could provide clarity on future monetary policy, and his tone could either boost Bitcoin's price or lead to a decline. For now, the base case is continued range trading between $61K and $65K.