Bitcoin bulls keep $84,000 in sight despite Powell’s hawkish Jackson Hole message

BlockBeats reported that on Aug. 29, Bitcoin initially jumped after Federal Reserve Chair Jerome Powell struck a hawkish tone at the Jackson Hole symposium, then reversed sharply. Prices slid to an intraday low of $76,877 on Friday, retreating from the overnight peak of $81,455, and settled at $77,557, down 3.39% on the day. Bitcoin had logged double-digit gains earlier in the week, but the familiar resistance band between $81,000 and $82,500 once again stalled the advance. Powell said the pace of U.S. disinflation remains inadequate and that the Fed still has "work to do" to reach its 2% inflation target, pushing markets to markedly increase expectations for a September rate hike. CME FedWatch showed the implied probability of a September hike rising to 55.7% from 35.4% a day earlier. The hawkish jolt set off concentrated liquidations in leveraged crypto positions. Total liquidations reached about $481 million over the past 24 hours, including more than $360 million in long liquidations. Even so, longer-term bullish sentiment has not materially shifted. Predictive market data indicates traders still assign a 77% probability that Bitcoin reaches its next major target of $84,000, versus a 23% probability of falling to $55,000. Friday's pullback did not change those odds. On the fundamentals, U.S. spot Bitcoin ETFs recorded eight straight trading days of net inflows through Wednesday, totaling about $2.8 billion, the longest continuous inflow streak since April. Technically, Bitcoin's RSI stands near 69.7, below the extreme overbought readings that have previously preceded pullbacks. If downside pressure continues, the $73,670 to $75,157 area is seen as key support. Bulls need to reclaim the $81,000 to $82,500 zone to reopen a path toward fresh all-time highs. Near term, with the Fed offering less forward guidance, markets face a less-defined policy outlook into the next meeting. That leaves Bitcoin prone to sharp swings driven by inflation prints and shifting rate expectations.