Bitcoin, Ethereum, and the overall crypto market remained calm ahead of a speech by US Federal Reserve Chair Jerome Powell in Jackson Hole. Bitcoin Holds at $113,000 Ahead of Jackson Hole Bitcoin fell 0.74 percent in the last 24 hours to $112,018, while Ethereum fell 0.1 percent to $4,204. Vincent Liu, Investment Director at Kronos Research, stated that the market expects a “hawkish” message from Powell. “A dovish surprise could trigger a market rally, but hawkish rhetoric could increase selling pressure,” Liu said. He believes that if Powell doesn't offer any guidance on interest rates, the market will enter a period of consolidation. Powell had previously emphasized that the September interest rate decision would be shaped by macro data. Wall Street currently expects a 25 basis point rate cut in September. The CME FedWatch Tool puts this probability at 74.4%. However, recent data has mixed expectations. While a lower-than-expected CPI and a rise in jobless claims suggest that inflationary pressures may be easing, a higher PPI and persistent services inflation are fueling concerns. Trump's tariffs are also projected to contribute to inflation. According to BTC Markets analyst Rachael Lucas, Bitcoin could experience an additional correction of up to 30% if Powell adopts a hawkish tone. However, Lucas noted that the current pullback aligns with Bitcoin's four-year halving cycle, and that post-September prices could regain strength towards the end of the year. The direction of the crypto market in the coming period will be determined by US inflation data, Fed meetings and ETF inflows. *This is not investment advice.