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12h ago

Bitcoin Rallies to About $77,800 Ahead of Warsh's Jackson Hole Address

Warsh's Aug. 28 keynote could reshape rate expectations and trigger sharp near-term moves in crypto markets.

The Federal Reserve building is set against a blue sky in Washington, U.S., May 1, 2020. REUTERS/Kevin Lamarque/File Photo
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U.S. Federal Reserve Chairman Kevin Warsh holds a press conference following a two-day meeting of the Federal Open Market Committee (FOMC), as the Federal Reserve holds interest rates steady, at the Federal Reserve, in Washington, D.C., U.S. July 29, 2026. REUTERS/Evelyn Hockstein/File Photo
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Overview

  • Bitcoin climbed roughly 22% over the past week to trade near $77,800 on Monday, driven by concentrated buying that pushed prices up from about $64,000.
  • Traders and analysts say the next major test is Fed Chair Kevin Warsh's keynote at the Jackson Hole symposium on Friday, Aug. 28, which markets expect could change bets on future interest rates.
  • Market participants point to three near-term drivers for the rally: the U.S. Treasury's doubling of long-dated buybacks that pushed yields lower, renewed heavy flows into spot-Bitcoin ETFs, and President Trump’s meetings with crypto executives pressing the Clarity Act.
  • A large short squeeze sharply amplified the move, with one market participant estimating more than $4 billion of crypto short positions closed over a few days and about $2.75 billion in Bitcoin shorts during the initial squeeze.
  • Pricing for Fed moves has shifted materially, with CME FedWatch showing a lower chance of a September hike, and analysts map clear scenarios that could send Bitcoin above $80,000 if comments ease rate concerns or back toward $73,000 if comments tighten them ahead of the Sept. 16 Fed decision.