Bitcoin's value has dipped below $113,000 as investors prepare for Federal Reserve Chair Jerome Powell's speech at the Jackson Hole economic symposium. This event is expected to provide insights into the Fed's future interest rate policy ahead of the upcoming Federal Open Market Committee meeting. The decline in Bitcoin's price reflects increasing unease among traders due to macroeconomic pressures influencing market sentiment. Analysts suggest that sustaining the $112,000 support level could set the stage for a potential price rebound. The concern over delayed interest rate cuts has intensified following the Consumer Price Index indicating a 2.7% year-over-year rise, which remains above the Fedā€™s 2% target. Investors' expectations for upcoming rate cuts dropped significantly as a result. Should the Fed initiate rate cuts later this year, it could act as a major catalyst for Bitcoin's price movement, potentially supporting a continued upward trend in its valuation through 2025.

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