[Bitcoin Now] Sideways Movement After 'Jackson Hole Remarks' Without Surprises... Investor Sentiment Is 'Fear'

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Bitcoin prices are moving sideways as Jerome Powell, Chairman of the U.S. Federal Reserve (Fed), delivered a speech at the Jackson Hole meeting that was largely unchanged from previous remarks.

According to CoinMarketCap, a global cryptocurrency market tracking site, as of 3:11 PM on the 27th, the price of Bitcoin was recorded at $26,026 (approximately 34.54 million KRW), down 0.06% from the previous day.

Before Powell's speech on the 25th (local time), Bitcoin prices showed a rollercoaster pattern. Due to concerns over tightening, the price fell to the $25,600 range on the 23rd, then rose to the $26,800 range the following day. Afterwards, awaiting Powell's speech, it traded fluctuating between $25,900 and $26,000.

Powell's speech at Jackson Hole was evaluated as having no significant difference from his previous statements. Therefore, Bitcoin prices are defending the $26,000 level and moving sideways. Powell stated that inflation remains at a high level and that the Fed is prepared to raise the benchmark interest rate further if necessary. He added, "We will maintain restrictive rates until we gain confidence that inflation is moving toward the target." He also explained, "The next rate decision will be based on data," and "We will evaluate the data to decide whether to tighten further or hold steady."

While Powell's remarks increased the likelihood of additional hikes by the November meeting this year, there is also a possibility that no further hikes will be made due to slowing inflation. The market judged that uncertainty remains high due to many variables.

Following Powell's speech, the U.S. stock market closed higher. On the 25th, the Dow Jones Industrial Average rose 247.48 points (0.73%) to 34,346.90, the Standard & Poor's (S&P) 500 index increased 29.40 points (0.67%) to 4,405.71, and the tech-heavy Nasdaq index closed up 126.67 points (0.94%) at 13,590.65.

Meanwhile, cryptocurrency investor sentiment remained in the "fear" stage. According to Alternative, a cryptocurrency data provider, the Fear & Greed Index, which measures investor sentiment, remained unchanged from the previous day at 38 points (fear). Compared to 37 points (fear) a week ago, it rose by 1 point. Alternative's Fear & Greed Index ranges from 0, indicating extreme fear and pessimism about investing, to 100, indicating optimism.