Will BTC react to Powell’s Jackson Hole speech?

Bitcoin traded between $60,000 and $62,000, keeping the broader crypto market steady with observers divided on what Federal Reserve Chairman Jerome Powell will say at Friday’s meeting in Jackson Hole. “Given last Wednesday’s good CPI reading, we are likely to get a favorable Powell tone on Friday,” Amberdata said in its weekly newsletter, suggesting a potentially favorable development for risk assets, including cryptocurrencies. Meanwhile, crypto-options-focused technology platform SignalPlus said Powell may be cautious. At Deribit, the options market is not anticipating a Powell-induced burst of volatility. “One-day BTC options indicate a 2.5% price swing (in both directions),” Martin Cheung, head of options trading at Pulsar, told CoinDesk. Markus Thielen, founder of 10x Research, said the setup looks good, with the ascending triangle indicating a minor rally.