Bitcoin Looking Oversold, but Any Bounce Could Be Disappointing

Unfortunately for bulls, there doesn’t appear to be much on the horizon to change current market dynamics. On a macroeconomic level, there will be plenty of economic reports, but they are unlikely to show anything different than the ongoing story of continued growth and modestly slowing inflation. There is no Federal Reserve meeting in August, but the central bank’s Jackson Hole conference late in the month and Chairman Jerome Powell’s keynote speech might give a clue about the shape of future monetary policy. Few, however, are expecting Powell to deviate very far from the Fed’s recent vigilance against inflation.