Bitcoin trades under $20,000
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Bitcoin is trading under $20,000 after Fed Chair Powell's hawkish comments at Jackson Hole on Friday. The Fed will tackle inflation, looking to align with its target of 2%. This policy goal implies higher rates, likely impacting risk instruments such as cryptocurrencies.
BTCUSD trades between the lower blue and red bands in its weak channel. Moreover, the red Bollinger bands have diverged due to increased volatility (black ellipses). The cryptocurrency's daily stochastic is below 20, suggesting a strong downside momentum. The longer the oscillator maintains this position, the greater the likelihood of further declines.
Russell Shor
Senior Market Strategist
Russell Shor is a Senior Market Strategist at FXCM, having been promoted to the role in 2025 in recognition of his depth of insight and consistent delivery of high-impact market analysis. He originally joined FXCM in October 2017 as a Senior Market Specialist.
Russell holds an Honours Degree in Economics from the University of South Africa, is a certified FMVA®, and a full member of the Society of Technical Analysts (UK). With over 20 years of experience in financial markets, his work is renowned for its clarity, precision, and strategic value across asset classes.
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