As Bitcoin traders prepare for a key address by Fed Chair Jerome Powell at the Jackson Hole symposium, they are closely watching two significant price levels around $110,000 and $120,000. Current options data reveals a defensive sentiment among traders, with a -25 Delta Skew indicating they are paying more for call options, suggesting a slight bullish bias. However, this skew has weakened over the past day, reflecting reduced willingness to invest further ahead of the event. Bitcoin has seen a nearly 5% decline recently, currently hovering around $113,000, amid shifting expectations about potential interest rate cuts following weaker inflation data. High stakes surround Powell's speech, as his neutral stance could lead to disappointment among traders anticipating a September cut. Analysts stress the importance of the upcoming meeting, noting that if Powell's remarks do not align with market expectations for a rate cut, Bitcoin and other risk assets might decline further. This heightened volatility underscores the uncertain landscape facing Bitcoin and its traders in the days ahead.

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