Биткойн (BTC) hovered near $47,000 on Friday as traders took no chances on the day of the United States Federal Reserve’s Jackson Hole summit.

1-часовой свечной график BTC / USD (Bitstamp). Источник: TradingView

End-of-month cold feet for Bitcoin traders

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD fluctuating in a range centered on $47,000 during Friday.

The past 24 hours saw little action up or down for Bitcoin as market participants awaited cues from both the Fed and the end-of-month options expiry event, this time worth some $2 миллиард.

“Not a very strong reaction at the moment,” trader and analyst Rekt Capital commented on price action overnight.

“A Daily Close above the high-$47000s would be a positive sign of strength however.”

In the event, a higher close failed to materialize, с участием $50,000 still remaining unchallenged after Bitcoin lost the level earlier in the week.

Cointelegraph contributor Michaël van de Poppe likewise stuck to his previous forecasts, these involving a BTC support zone around $44,000.

“This idea on Bitcoin is still my primary vision,- написал он в Твиттере.

Options expiries tend to generate more fear than genuine selling pressure, with BTC price action often shrugging off the events themselves. Open interest totaled $9.19 billion Friday, a three-month high.

BTC options open interest chart. Источник: Bybt

Buzzword: “tapering”

Как сообщает Cointelegraph, the Fed’s virtual Jackson Hole event is tipped to shed light on future economic policy changes tied to the coronavirus pandemic.

Связанный: Аналитики говорят, что откат цены на биткойны и фиксация прибыли на уровне 50 тыс. Долларов «ожидались».

Asset purchases may be scaled back, a mechanism known as tapering, in what could change the mood among traditional assets as the S&п 500 trades at all-time highs.

Any hints about inflation policy may also serve to boost alternative asset demand. Соединенные штаты. dollar gained in the run-up to the Fed’s debut, traditionally a point of friction for Bitcoin.

U.S. индекс валюты доллара (DXY) 1-day candle chart. Источник: TradingView