Bitcoin's Next Test Is $80,000 as Jackson Hole Meeting Looms

In brief

• Bitcoin has risen from a weekly low of $63,387 to around $77,800 up 22% over the past seven days.
• Analysts pointed to $80,000 as a key resistance level ahead, arguing that Bitcoin is in a "late stage of the bear market."
• Coinshares argued that Bitcoin's price moves are "a macro story, not a crypto one."

Bitcoin traded around $77,800 on Monday, up 22% over the past seven days, according to CoinGecko data, with analysts looking to this week's Jackson Hole meeting as its next test.

This year's symposium runs from Thursday to Saturday under the theme "Financial Innovation: Implications for Payments and Policy," though what markets care about is Friday morning, when Kevin Warsh delivers his first keynote as Fed chair.

Warsh took office in May, succeeding Jerome Powell, and has made changing how the Fed communicates a priority, dedicating one of five internal task forces to the question. Friday will be the market's first read of how he handles the format, ahead of the Fed's September 16 rate decision. Asked about it after July's Fed meeting, at which the committee held rates at 3.50% to 3.75% on a 9-3 vote with three regional presidents dissenting in favor of a hike, Warsh said his keynote was "a blank piece of paper right now."