Bitcoin finds support, but beware of any Jackson Hole surprises

Bitcoin climbed steadily in recent days on the back of buyers from Asia and the Americas. At the time of writing Friday morning it is listed at $26,000. The support line around $25,000 seems to be holding.

The largest digital coin recorded its biggest one-day gain of the past six weeks on Wednesday, following some good news from the United States. The S&P Global Purchasing Managers Index for August showed a slowdown in the US economy, leading investors to hope that tonight (when it is afternoon in Jackson Hole) they will get some good news from Federal Reserve chief Jerome Powell.

#Bitcoin moves alongside commodities.

Silver reclaimed all the losses and is back to the levels of July.

Matter of time whether #Bitcoin runs back to $30K.

If we have another sweep of the lows at $24-25K -> I’m a final buyer before the bull. pic.twitter.com/JpGBC1gpao

— Michaël van de Poppe (@CryptoMichNL) August 24, 2023

The leading cryptocurrency reached a seven-day high of $26,780 on Wednesday, a jump of more than 3.7% at the time.

Stilstand

The initial increase came after a similar rally on Wall Street. The S&P 500 and Nasdaq Composite posted gains of more than 1% by close of trading on Wednesday. That followed the release of some key economic data showing a slowdown in the manufacturing and services sectors.

The index showed that economic growth had come to a near standstill in August. Investors were therefore hopeful that a slowdown in the economy could cause the US Federal Reserve to interrupt the cycle of rate hikes. But beware of Powell, who has always claimed that he will not stop until the 2% inflation level is reached. As already mentioned, if Powell speaks poorly tonight, you will notice it in Bitcoin before you see it on the Asian and European exchanges next Monday.