As of today, August 29, 2026, at 8:30 AM, the price of Bitcoin is around $77,588–$77,984 per unit. Although the price of the leading cryptoasset has fallen by approximately 2–2.5% over the past 24 hours, the price of $BTC has risen by 23.2% against the US dollar since August 15. The initial surge in Bitcoin was triggered by the announcement from the US Treasury Department in mid-August regarding the expansion of its bond-buyback program.
That same week, US President Donald Trump met with a series of cryptocurrency industry leaders and made several positive comments about the crypto sector. For example, he discussed the possibility of bringing Hyperliquid to the US and also showed openness to the idea of acquiring significant volumes of $BTC after listening to advice from members of his administration.
The combination of these two news items stimulated demand for spot Bitcoin exchange-traded funds (ETFs), which recorded inflows for nine consecutive days. This positive trend ended on Friday: data showing an outflow of $202 million marked the first day of outflows from spot Bitcoin ETFs.
Clash of Persistent Inflation and Positive Crypto News
Several events followed that exerted downward pressure on the price by the end of the week. The first was persistent inflation: the US Personal Consumption Expenditures (PCE) Price Index showed an increase in July. However, Bitcoin managed to ignore this news and, after overcoming a small dip, recovered to a weekly high of $81,455. Positive news such as the proposed revision of asset custody rules by the US Securities and Exchange Commission (SEC) and the expansion of the digital asset lineup by Charles Schwab helped.
Warsh's 'Hawkish' Jackson Hole Debut Rattles Markets and Bitcoin Price
But then the Economic Policy Symposium in Jackson Hole took place, where Federal Reserve Chairman Kevin Warsh delivered his first speech at this annual event. Warsh spoke on Friday at 10:00 AM Eastern Time (EDT) and focused directly on the event's theme: 'Financial Innovation: Implications for Payments and Policy.' Warsh's speech was interpreted as 'hawkish,' and he emphasized that the US central bank 'has work to do.' He noted that specific financial conditions remain challenging and that the practice of 'forward guidance' has 'run its course.'
The probability of a rate hike immediately jumped from 35% to the mid-50 percent range. Treasury yields rose, and prices of precious metals like gold showed a slight decline. Before Warsh's speech, the price of Bitcoin was fluctuating around $79,500 per unit. After Warsh's speech, Bitcoin briefly fell below the $77,000 mark before buyers absorbed the daily low. That same day, spot Bitcoin ETFs shifted from a streak of gains to a day of decline. Despite several consecutive days of inflows weakening, August still remains a month of strong inflows: approximately $3.1–3.3 billion has been attracted.
Bitcoin Tests $77,000 Support, Technical Indicators Signal Overheating
As of this weekend, Bitcoin's price resistance level is in the $79,500–$80,300 range (lost after the speech), and this barrier becomes higher as prices rise. Currently, support is holding in the $76,800 to $77,000 zone, and trading volume over the last 24 hours was only $28.731 billion. Technical indicators show that momentum was already overextended even before the Fed Chairman's speech, and today the daily Relative Strength Index (RSI) reached 70. The Stochastic is at a slightly higher level of 85, showing signs of being overbought.
On the other hand, although the RSI is in the neutral zone and the Stochastic shows some overheating, the Moving Average Convergence Divergence (MACD) indicator remains in positive territory. Overall, judging by the oscillators and moving averages, and despite the recent drop, bullish momentum seems to be holding. At least for now.
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