Bitcoin slipped below the $79,000 level on August 28, 2026, pulling back after a recent high near $81,455. The decline kept price within the ascending four-hour channel that has defined the market since the August 19 rally. Technical indicators show the 50-period simple moving average rising near $77,800, while the 100- and 200-period averages sit further below around $70,900 and $67,500, giving Bitcoin a sizeable buffer above longer-term support.
The four-hour relative strength index has cooled to about 54, below its signal average near 59, suggesting buyers have lost some momentum without falling into oversold territory. A four-hour close beneath the channel boundary would shift attention to the rising 50-period average, while a recovery above $80,000 and a close above $81,500 would improve the continuation case.
At the Federal Reserve’s Jackson Hole meeting, Fed Chair Kevin Warsh stressed that the central bank’s 2% personal consumption expenditures inflation target is “firm and fixed.” He acknowledged that summer inflation reports were better than expected but said the underlying trend had not changed meaningfully. Warsh stated the Fed must be confident inflation is returning to target, adding “we have work to do.” He noted consumer spending remains healthy, labor markets are stable, and business investment is rising rapidly, while financial conditions are difficult to describe as restrictive.
Warsh also said a “good majority” favored leaving rates unchanged at the July meeting, keeping the next policy decision open. Markets reacted unevenly: spot gold fell more than 1% to around $4,550 per ounce, the S&P 500 was down roughly 0.1%, the Nasdaq slipped about 0.2%, and the Dow was near flat.
Traders are now watching Warsh’s full Jackson Hole speech, which is scheduled for 10 a.m. ET on Friday, with this year’s theme being “Financial Innovation: Implications for Payments and Policy.” A hawkish tone could lift the U.S. dollar and Treasury yields while adding pressure on Bitcoin and the broader cryptocurrency market. The Treasury’s plan to at least double weekly purchases of existing government debt starting September 9 adds another macro factor for digital asset markets to monitor.
