Bitcoin News Today: Bitcoin's Price Dance: Bulls and Bears Wait for Fed's Next Move

Bitcoin’s price has experienced notable volatility, with recent movements reflecting conflicting signals between technical indicators and macroeconomic developments. The price currently hovers near the $115,000 mark, with traders anticipating potential shifts linked to the Federal Reserve's upcoming Jackson Hole symposium and broader market sentiment. As of the latest data, Bitcoin has retreated from its recent record high of over $124,000, with technical analyses suggesting a possible correction toward critical support levels such as $110,530.

This pullback, according to analyst Captain Faibik, could extend to the $98,000–$100,000 psychological zone in a deeply bearish scenario. However, not all forecasts are pessimistic. Steven McClurg of Canary Capital has stated there is more than a 50% probability that Bitcoin could reach the $140,000–$150,000 range this year, despite the looming bear market expected in the next fiscal year.

On-chain metrics reveal tightening supply and accumulation by strong hands, reinforcing a longer-term bullish narrative. For example, Amdax in Europe recently announced a $24 billion Bitcoin treasury initiative, which could act as a structural support for the price in the medium to long term. This mirrors the strategy employed by MicroStrategy and signals a growing institutional appetite for Bitcoin, particularly in Europe.

Technical charts suggest BTC is consolidating within a narrowing wedge between $116,000 and $117,462. The price needs to reclaim the $118,047 level for bulls to regain control. A successful breakout could push the price toward key targets such as $120,374 and $123,777, with $130,000+ being a more ambitious long-term target. Conversely, a breakdown below $116,078 could lead to further declines toward $114,650 and $112,680, with the latter potentially triggering a wave of liquidations.

The macroeconomic landscape remains uncertain, with conflicting signals from inflation data and the Federal Reserve's monetary policy. Recent hot inflation reports, particularly the July Producer Price Index (PPI) which jumped 0.9% month-over-month, have tempered expectations for aggressive rate cuts this year. Markets have adjusted their expectations, now pricing in only two rate cuts instead of the previously anticipated three.

Fed Chair Jerome Powell’s speech at the Jackson Hole symposium this week is viewed as a pivotal event for market direction. A dovish tone could open the door for a risk-on rally, while a hawkish statement might temporarily weigh on Bitcoin. The market's sensitivity to macroeconomic signals is evident in the CoinDesk 20 Index, which has dropped over 4.5% in 24 hours, highlighting the high stakes involved.

Meanwhile, Bitcoin-native projects like Bitcoin Hyper are gaining traction, with over $10.6 million raised in its presale. This Layer 2 platform, built on Solana, aims to facilitate high-speed transactions and integration with the Bitcoin network, potentially creating a new ecosystem that complements Bitcoin’s growth narrative.

The current uncertainty in Bitcoin's price path reflects the tension between short-term corrections and the long-term bullish fundamentals. While traders watch for key support and resistance levels, institutional players are positioning themselves for a potential surge to $200,000 and beyond. The upcoming macroeconomic and policy developments will likely serve as the immediate catalyst for the next move, but the underlying structural demand and innovation in the Bitcoin ecosystem continue to provide a foundation for future growth.

Source: [1] Price Predictions - 8/18 - SPX, DXY, BTC, ETH, XRP, BNB, SOL, DOGE, ADA, LINK (cointelegraph.com) [2] BTC in precarious position as prices penetrate bullish trendline (coindesk.com) [3] Treasury Secretary Issues Surprise September Fed ... (forbes.com) [4] Fading Fed Rate Cut Hopes: Is a Bitcoin Price Drop Next? (mitrade.com) [5] 'All Eyes' Are On This Week's Fed Gathering After Bitcoin ... (forbes.com) [6] Will Bitcoin Fall if the FED Does Not Lower Interest Rates (investx.fr) [7] Bitcoin (BTC) Price Prediction 2025 2026 2027 - 2030 (changelly.com) [8] Bitcoin Price Prediction: BTC Near $115K as Breakout Looms (icobench.com)