Bitcoin traders are hopeful that the Federal Reserve will announce interest rate cuts at the upcoming Jackson Hole summit, providing potential relief for the frustrated BTC price. On August 23, Bitcoin reached intraday highs of $63,605, with markets eagerly awaiting the macro event of the week. Market data from Cointelegraph Markets Pro and TradingView indicated a return to the $61,000 level just before Federal Reserve Chair, Jerome Powell's speech at the annual symposium. Traders are closely watching Powell's address for any signals regarding financial policy easing.

According to market reports, there is a 100% chance that interest rate cuts will occur, starting in September. This is considered a significant bullish event for cryptocurrencies and risk assets. The Kobeissi Letter, a trading resource, stated that the question is no longer whether the Fed will cut rates or not. The latest data from CME Group's FedWatch Tool suggests the possibility of a smaller 0.25% rate cut.

However, historical data shows that rate cuts do not guarantee an immediate reaction in the BTC price. Trader Luke Martin analyzed Bitcoin's behavior during the Fed's last cutting cycle in 2019 and noted that it took the subsequent COVID-19 market crash to ignite a bull market. The price decline coincided with the rate cut in 2019, followed by the crash and eventually the bull run fueled by economic stimulus measures.

BTC/USD continues to trade within a narrow range, with $62,000 acting as a crucial resistance level. CoinGlass, a monitoring resource, revealed additional ask liquidity at $61,435, which has kept the price relatively flat. This signifies that the Bitcoin market is not exhibiting the characteristics of being over-leveraged or biased towards long positions, according to Checkmate, the creator of Checkonchain.

Traders observed that BTC/USD is attempting to overcome resistance in the form of the 200-period simple moving average on 4-hour timeframes. Elja, a popular trader, predicted that a close above this level could propel Bitcoin to $64,000-$65,000, while a rejection could lead to consolidation.

It's important to note that this article does not provide investment advice or recommendations. Readers are advised to conduct their own research and exercise caution when making investment and trading decisions.