Bitcoin (BTC) Correction Intensifies Despite Fed's Upbeat Rate Cut Outlook

Despite a $5,000 $BTC surge as Fed Chairman Jerome Powell intimated in his Jackson Hole speech that he would likely cut rates in September, Bitcoin has since dropped back again and is currently in the process of losing major ￰0￱ Bitcoin rebound from $111,000, or could the major support at $109,000 arrest this slide? A short respite before $BTC plunges again During and after Federal Reserve Chairman Jerome Powell’s speech on Friday all was looking good for ￰1￱ come down to the $112,000 area things were looking dicey for the number one cryptocurrency. However, Powell’s speech was suitably dovish for the markets and Bitcoin rose sharply to leave the danger zone well behind.

Notwithstanding, one short weekend later and the $BTC price is not only back to the danger areas, it is falling through ￰2￱ next $BTC bounce incoming?