Bitcoin’s market trajectory remains optimistic, with its price above $61K during the Asian trading session as traders anticipate price stability in the week ahead. The upcoming remarks by Federal Reserve chair Jerome Powell could provide further insights into the market direction.
In addition to Bitcoin’s bullish movement, U.S.-based exchange-traded funds (ETFs) saw significant activity, with over $61 million in net inflows reported. Notable inflows were registered by BlackRock’s IBIT at $92 million, while Bitwise’s BITB recorded outflows at $25 million. Furthermore, Japan’s Metaplanet made a substantial BTC purchase of $3.4 million, increasing their total bitcoin holdings to 360.368 BTC.
The broader cryptocurrency market also saw positive movements, with major tokens like XRP, BNB Chain’s BNB, Solana’s SOL, and Cardano’s ADA posting gains. Despite this, Toncoin (TON) experienced a slight decline of 0.8%. The CoinDesk 20 (CD20), a benchmark for the top digital assets, reflected a 4.25% increase in performance.
The sentiment on Polymarket indicates a 66% probability of Bitcoin maintaining its position above $60K by the week’s end. Meanwhile, Dogecoin (DOGE) surged by 5% following a tweet by Elon Musk, while PoliFi tokens remained stagnant amidst waning trader interest.
As the market awaits Powell’s address at the Jackson Hole symposium, expectations point towards horizontal price action within the range of $56K to $62K for Bitcoin. Powell is anticipated to announce a shift towards lower borrowing costs, which historically has bolstered bullish sentiment among traders.
However, recent decisions by major exchanges to withdraw applications for BTC ETF options have raised concerns about mainstream adoption in the short term. Additionally, uncertainties surrounding staking legalities have impacted Ether’s performance compared to Bitcoin. Despite these challenges, the crypto market remains resilient, with traders closely monitoring developments in the regulatory landscape.
