Analysis: The cryptocurrency market remains cautiously positioned ahead of Fed Chair Powell's speech

ChainCatcher news, according to CoinDesk, the market remains cautiously positioned ahead of Federal Reserve Chairman Jerome Powell's speech at Jackson Hole, with Bitcoin holding a key support level of $112,500.

Speculative activity seems to have cooled, and traders are waiting for Powell's comments, while options data indicates potential price volatility for Bitcoin and Ethereum.

If Powell hints that the Federal Reserve will adopt a more dovish stance, suggesting faster and larger rate cuts, the market may exhibit a similar trend.

Currently, the market expects the Federal Reserve to cut rates by 25 basis points in September and to cut rates again before the end of the year.