Bitcoin stays below $80,000 as Fed Chair Kevin Warsh discusses inflation

Bitcoin remained below $80,000 after Federal Reserve Chair Kevin Warsh discussed inflation at the Jackson Hole Symposium. Bitcoin fell to $78,442 on Bitstamp during volatile trading. Bitcoin was down about 1% at the time. Warsh said recent lower Consumer Price Index and Personal Consumption Expenditures readings did not show that underlying inflation trends had meaningfully improved. Warsh reaffirmed the Federal Reserve's 2% inflation target. Warsh said regular forward guidance would not return as a future policy practice. Bitcoin later traded around $79,500 in a narrow intraday range ahead of the August monthly close. Analysis said Bitcoin would need to break above a downward-sloping trend line and defend the 50-week exponential moving average near $77,250 to sustain the uptrend. Onchain data showed resistance between the current spot price and $86,000. QCP Capital said derivatives markets would need to keep funding rates contained and open interest growth gradual if Bitcoin rises further. QCP Capital said spot participation would provide stronger support than rapidly increasing leveraged positioning. Bitcoin was up 26.35% month-to-date, according to CoinGlass. That would make August Bitcoin's strongest month since 2017. The S&P 500 and Nasdaq Composite were each up about 0.5% at the time.