Bitcoin Tanks 1.91% Amid Fed Chair Speech and Massive Liquidations

Bitcoin's price plummeted by 1.91% to $77,656.37 in just 24 hours following Fed Chair Kevin Warsh's speech at Jackson Hole. The decline was exacerbated by a massive $141.57 million in Bitcoin liquidations, with a significant $120.07 million of those being long positions.

The current price of Bitcoin now faces crucial support levels at $75,000-$76,000. Holding onto this range could potentially lead to consolidation, while a break below $75,000 may expose the price to further decline, potentially reaching as low as $70,000.

Investors are eagerly awaiting the upcoming U.S. PCE inflation data, which is expected to provide another crucial policy signal.