Bitcoin Eyes Major Resistance as Jackson Hole Kicks Off With Unusual Fed Agenda
Bitcoin is trading near $80,526, about 2.5% below key resistance at $82,538 after failing near $81,000 and its 50-week moving average around $81,085. The move has been driven mainly by macro factors, especially Scott Bessent’s expanded Treasury buyback announcement, which pushed yields and the dollar lower and revived the “debasement trade” in scarce assets like Bitcoin and gold. That helped fuel a 23.6% weekly surge from roughly $62,000 to nearly $80,000. The Jackson Hole symposium could matter next, with digital payments and fintech at the center and new Fed Chair Kevin Warsh giving his first keynote. Traders are also pricing about a one-in-three chance of a September rate hike. Technically, Bitcoin remains above its 50-day and 200-day averages, but momentum is stretched: RSI is 82.4, signaling overbought conditions and a likely pause before any breakout attempt.
