Bitcoin Slips Below $80,000 as Solana Leads Crypto Market Higher Ahead of Warsh’s Jackson Hole Speech

Bitcoin slipped below the $80,000 level on Friday as traders positioned ahead of Federal Reserve Chair Kevin Warsh’s first Jackson Hole keynote. Despite the pullback, Bitcoin remains firmly higher on the week, while Solana is leading major cryptocurrencies with a roughly 20% seven-day gain.

Bitcoin traded just below $80,000 during Asian hours after reaching an overnight high of $81,280. The move follows Bitcoin’s recent breakout above $80,000, with traders now turning their attention to the Federal Reserve for clues about the next direction of monetary policy.

The latest move also follows Bitcoin Crosses $80,000 for First Time Since Mid-May Driven by Weaker Dollar, which examined the macro factors behind Bitcoin’s initial push through the key psychological level.

Bitcoin Holds Weekly Gains as Traders Await Warsh

Bitcoin gained nearly 2% over the previous 24 hours before easing back below $80,000. Even after the latest pullback, BTC remains around 9% higher over seven days.

The focus is now firmly on Kevin Warsh’s Jackson Hole speech.

Jackson Hole is the Kansas City Federal Reserve’s annual economic symposium in Wyoming, and speeches from Federal Reserve officials at the event can have a major impact on financial markets.

Warsh’s first keynote as Fed chair is particularly important because markets have had limited guidance on his preferred interest-rate path. His comments could provide a clearer indication of how policymakers are approaching the September Federal Open Market Committee meeting.

Current futures pricing points to a more hawkish environment, with markets assigning a 35% probability to a rate increase in September and fully pricing a move by December.

That creates an important test for Bitcoin.

Despite the increasingly hawkish rate expectations, BTC has continued to hold most of its recent gains.

Solana Leads Major Cryptocurrencies

While Bitcoin paused, Solana moved in the opposite direction.

SOL gained more than 4% over 24 hours to trade near $101, bringing its seven-day gain to roughly 20%. That makes Solana the strongest performer among the major cryptocurrencies over the past week.

Other large-cap tokens also remained higher.

Ether gained just over 1% to around $2,492, while XRP added nearly 2% to approximately $1.43. BNB climbed more than 1% to nearly $714, while Tron gained less than 1% and Dogecoin remained relatively unchanged near $0.09.

Hyperliquid's HYPE was the exception, falling less than 1% to around $82.

The broader weekly performance remains strong, with Ether and XRP up close to 11%, Dogecoin gaining around 16% and HYPE advancing roughly 12%.

Bitcoin ETF Inflows Keep Supporting the Rally

Bitcoin’s recent strength is also being supported by continued demand through U.S. spot Bitcoin ETFs.

The products recorded roughly $2.8 billion in inflows across eight consecutive sessions, marking their longest inflow streak since April.

August inflows have already exceeded $3 billion, putting the month on track to become the strongest month of 2026 for Bitcoin ETF demand, with only one trading session remaining.

That continued buying is particularly significant as Bitcoin approaches the next major resistance zone.

The May high sits just below $83,000, creating an important technical level above the current market.

According to market strategist Joel Kruger, setbacks could remain limited as long as Bitcoin continues to hold its recent structure, with the May high representing the next important level.

Oil Prices Ease as Inflation Pressure Falls

The macro backdrop has also become somewhat more supportive for risk assets.

Brent crude traded just below $90 per barrel and has fallen more than 5% over the week after Iran and Oman reached terms related to administering the Strait of Hormuz.

The decline in oil prices reduces some of the immediate concerns around an energy-driven inflation shock, an important factor for markets heading into the Federal Reserve’s policy decision.

Meanwhile, the 10-year Treasury yield stood at 4.67%, down seven basis points over the week, while the two-year yield was around 4.23%.

The dollar index remained just above 99, while gold slipped to approximately $4,587 per ounce.

Bitcoin Rally Faces Its Next Major Test

Bitcoin's recent rally has now reached a point where macroeconomic policy could determine whether momentum continues.

On one side, strong spot ETF demand is providing a significant source of buying pressure. Bitcoin has also absorbed selling around the $77,100-$80,000 area, according to market analysis cited in the source material.

On the other side, expectations for higher interest rates could create additional pressure on risk assets.

That makes Warsh's Jackson Hole keynote the next major catalyst.

If Bitcoin can hold above $80,000 and eventually break through the May high near $83,000, the recent rally could gain another layer of momentum. A failure to hold current levels, however, would leave traders watching whether the recent surge was largely driven by positioning and short covering.

For now, Bitcoin remains about 9% higher on the week, while Solana is extending its lead among major altcoins with a roughly 20% gain.

The next major test comes when Warsh takes the stage.