Bitcoin price action and Powell speech risk assessment

Checklist: - Interpret the article’s main catalysts: price drop, ETF exposure, and Powell’s Jackson Hole speech impact. - Assess current risk sentiment and potential near-term catalysts (Fed policy hints, ETF flows, macro data). - Form a concise, evidence-based stance on the near-term bias and trading approach. - Align guidance with a clear action plan and acceptable risk levels. - Identify the most relevant trading signal from the approved list and its implications. The content is already in English, focusing on Bitcoin price action around $113k, ETF-related pressure, and upcoming Powell speech at Jackson Hole. Concise expert opinion: The narrative suggests renewed downside pressure for Bitcoin, driven by ETF liquidity dynamics and a cautious macro backdrop ahead of Powell’s Jackson Hole remarks. A breach under the $113k level could trigger further short-term weakness as ETF-related selling and risk-off sentiment preoccupy traders. However, key macro events (Powell’s tone, potential guidance on rate paths) could also spark relief rallies if hawkish risks are dialed back or if markets price in a softer stance. Until a clear catalyst reverses the trend, the near-term bias appears cautiously bearish with elevated volatility. Signal reference and recommendation: - Selected signal: wait - Signal ID: 18 - Rationale: The article points to a corrective setup with mixed catalysts; awaiting clearer directional triggers (policy commentary, ETF flow data, on-chain signals) is prudent before committing to a directional trade. - Recommendation: Monitor ETF outflows/flows, Powell’s statements for any shift in risk appetite. If price sustains above a near-term resistance and macro signals turn supportive, consider a cautious long-side setup with tight risk controls. If momentum continues to break lower, prefer a lighter exposure or a defensive stance until a defined rebound or reversal pattern emerges.