Cryptocurrencies Price Prediction: Ethereum, Bitcoin & Binance Coin – European Wrap 21 August

Crypto Today: Bitcoin, Ethereum, XRP hold steady ahead of Jackson Hole Symposium

Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) remain steady at press time on Thursday, following minor turbulence after the release of the Federal Open Market Committee (FOMC) meeting minutes on Wednesday. The meetings set the tone for the US Jackson Hole economic policy symposium, which starts on Thursday, focusing on transitions in the labor market. 

Additionally, the market is looking forward to the Fed Chairman Jerome Powell’s final Jackson Hole speech on Day 2 (Friday) amid the impending 25 basis point interest rate cut potentially in September. 

Bitcoin Price Forecast: BTC steadies at $113,500 as traders await Powell’s Jackson Hole speech

Bitcoin (BTC) steadies around $113,500 at the time of writing on Thursday after falling 3% so far this week. On-chain data shows that weakening demand and profit-taking continue to weigh on BTC. Meanwhile, traders await the preliminary S&P Global Purchasing Managers' Index (PMI) data later in the day and clarity from Federal Reserve (Fed) Chair Jerome Powell’s speech at the Jackson Hole Symposium on Friday, which could provide fresh cues for the next directional move for riskier assets such as Bitcoin.

Bitcoin price stabilizes around $113,500 at the writing on Thursday after falling over 8% from its all-time high of $124,474, set on August 14, and reaching a low of $112,380 on Wednesday. Traders take a cautious stance as the Minutes from the late July Federal Open Market Committee (FOMC) policy meeting, released on Wednesday, read on the hawkish side, with participants more worried about inflation than the labour market. 

BNB, SOL, DOGE bounce back as Bitcoin ends the two-day slump

Top cryptocurrencies such as BNB (BNB), formerly known as Binance Coin, Solana (SOL), and Dogecoin (DOGE) are back in the green with a nearly 4% rise in the last 24 hours as Bitcoin (BTC) halts the two-day slump with a 1.24% jump on Wednesday. BNB hits a record high with bulls anticipating a breakout rally, while SOL and DOGE lift off from crucial moving averages. 

BNB token trades at $867 at press time on Thursday as it retraces from the all-time high of $883 earlier in the day. The residual bullish momentum from the 5.45% rise on Wednesday tests the R1 pivot resistance level at $881.