As Bitcoin Stalls at $113K, Solana and Dogecoin Post Strong Gains Before Powell Speaks

Bitcoin Holds Above $113K as Markets Brace for Powell’s Jackson Hole Speech

Crypto markets remained in a holding pattern Thursday, with Bitcoin trading just above $113,600 as investors await Fed Chair Jerome Powell’s address at Jackson Hole — a speech that could set the tone for the central bank’s next policy move.

The market is delicately balanced: a dovish shift could lift risk assets, while a hawkish message may pressure crypto and equities alike. Bitcoin (BTC) rebounded modestly after briefly dipping to $112,500 earlier in the week.

Solana (SOL) and Dogecoin (DOGE) led altcoin gains, each rising around 4%. Other large-cap tokens including Ethereum (ETH), XRP, BNB, and Tron (TRX) saw more moderate moves, up between 1% and 3%.

Expectations for a September rate cut have grown following softer jobs data. However, inflationary pressure from tariffs has made the Fed’s path forward less certain.

“The Fed faces a difficult balancing act — cut too soon and risk reigniting inflation, wait too long and growth risks deepen,” said Nick Ruck, director at LVRG Research, in a note to CoinDesk.

Sentiment has weakened sharply. The Crypto Fear & Greed Index has plunged to 44 — its lowest in nearly two months — after hitting 75 just six days ago. The shift mirrors Bitcoin’s recent slide and signals growing investor caution.

Technical levels are now in focus. Analysts warn that if BTC breaks below $108,000, the next major support level could be as low as $100,000.

“Bitcoin temporarily found support around early-August lows, but a decline below the 50-day moving average triggered renewed selling pressure,” said Alex Kuptsikevich, chief market analyst at FxPro. “If $108,000 doesn’t hold, we may see a swift move to $100,000.”

He also noted that crypto markets have lost momentum ahead of equities — a signal that investors are growing more risk-averse.

On-chain data supports the cautious tone. CryptoQuant reported that short-term holders are now selling at a loss — a pattern that often precedes broader corrections. At the same time, Santiment flagged falling trading volumes and a rise in retail activity, a combination historically associated with local tops.

Some analysts suggest Bitcoin’s recent highs may reflect macro shifts more than renewed investor demand.

“Bitcoin’s recent strength appears driven more by dollar weakness than organic inflows,” Presto Research wrote in a note. “When adjusted for currency effects, BTC remains well below its 2021 highs and post-2024 election levels.”

With Powell’s remarks looming, markets are on edge. A clear signal in favor of rate cuts could fuel a relief rally across crypto, but any hesitation or hawkish tilt could accelerate a drop toward the $100,000 threshold.