The cryptocurrency market is looking braced for Jackson today, with the keynote speech from Powell set to take place at 10.00 am Eastern Time.

Yesterday, we saw the market weighing up some dovish Fed member comments and also higher jobless claims & better PMI data.

At present, the odds of a rate cut in September have dropped to around 73 percent, about a 20 percent decline from the start of the week.

Bitcoin Perfected

The Demark indicator has now issued a perfected daily and 12-hour time frame signal, following the lower daily low yesterday.

This really does increase the chances of a Bitcoin rebound today, although what Powell says today could derail the perfected signal.

Notably, the target of the perfected signal, according to Demark, is the current all-time price high for Bitcoin.

Other Influences

Some really interesting things are happening to the Order Book surrounding Bitcoin right now, raising further optimism for a recovery today.

The Bid to Ask ratio has turned positive for the first time since Bitcoin traded at around 80,000 USD earlier this year.