BlockBeats News, August 29, after Fed Chair Powell sent a hawkish signal at the Jackson Hole Symposium, Bitcoin surged and then retreated. On Friday, it briefly dropped to $76,877, a significant pullback from the overnight high of $81,455, ultimately closing at $77,557, down 3.39% for the day. Earlier this week, Bitcoin saw a double-digit increase, but the $81,000-$82,500 resistance zone once again suppressed the rally.

Powell stated that the pace of U.S. inflation decline is still inadequate, and the Fed has "work to do" before achieving the 2% inflation target, leading the market to significantly raise expectations of a September rate hike. CME FedWatch data shows that the probability of a rate hike in September increased from 35.4% the previous day to 55.7%. The hawkish impact also triggered a concentrated unwinding of leveraged positions in the crypto market, with approximately $481 million in liquidations in the past 24 hours, where long liquidations exceeded $360 million.

However, the market's long-term bullish sentiment has not significantly reversed. Predictive market data shows that traders currently give a 77% probability for Bitcoin to reach the next major target of $84,000, and a 23% probability of dropping to $55,000, a ratio that has not changed despite Friday's pullback.

On the fundamental side, the U.S. spot Bitcoin ETF has seen net inflows for 8 consecutive trading days as of Wednesday, with total investments of around $2.8 billion, marking the longest run of inflows since April. From a technical perspective, Bitcoin's RSI is around 69.7, not yet in the extreme overbought territory that previously triggered a correction; if it falls further, the $73,670-$75,157 range will be a key support area for the bulls, while reclaiming the $81,000-$82,500 level is crucial for opening up new highs.

In the short term, Powell's softened forward guidance implies that the market lacks a clear policy path before the next rate decision meeting, and Bitcoin may still experience significant volatility in response to inflation data and interest rate expectations.