Why is Bitcoin price stuck?

Aug 23. 2023

By Yashu Gola

Bitcoin price has been stuck inside a narrow trading range for days, awaiting signals from Jerome Powell's speech at Jackson Hole this week.

Bitcoin (BTC $26,457) has been stuck inside a narrow trading range for several days, and Aug. 23 is no different.

All eyes on Jerome Powell's speech at Jackson Hole

Bitcoin price has been trapped inside the $25,800-26,300 range since Aug. 19, underscoring a growing bias conflict among traders after its 12.5% decline in the month.

Currently, the Bitcoin market has become calmer in the days leading up to the Federal Reserve's annual Jackson Hole gathering on Aug. 24-26.

BTC/USD daily price chart. Source: TradingView

Fed chair Jerome Powell will speak on the global economic outlook on Aug. 25, likely sharing his thoughts on interest rates. Minutes from the Fed official gathering in July revealed concern about sustained inflation, which could prompt another rate hike in September.

Powell said in July that the Fed would study economic data at each meeting, and would keep policy restrictive until there's enough confidence that inflation is moving toward the preferred 2% target.