Crypto traders remain cautious following Federal Reserve Chairman Jerome Powell’s speech at the Jackson Hole symposium, where he hinted at potential interest-rate hikes in the future.
Bitcoin, the largest cryptocurrency, is currently trading at $25,922 on Monday, showing a 0.5% decrease in the last 24 hours. Over the weekend, the price had managed to stay above $26,000 after a volatile period following Powell’s speech. The uncertainty surrounding the Fed’s plans regarding interest rates has impacted the market.
After experiencing a selloff earlier this month that briefly pushed prices below $25,500, Bitcoin has been hovering around the $26,000 mark.
Market analyst Javier Molina from eToro suggests that all eyes should be on the $25,000 level. If it holds, the target is to recover $27,000 first and then proceed to the key zone of $28,500. Success in reaching this level could potentially pave the way for $31,000. However, breaking the $25,000 level would open up a path towards $23,800 first and then $21,500 later.
In addition to Bitcoin’s slight dip, other cryptocurrencies are also experiencing falls. Ether, the second-largest crypto, is down 0.9% at $1,634. Altcoins such as Cardano and Solana are also in the red, with decreases of 1.7% and 1.8% respectively. Dogecoin is down by 1.7%.