Bitcoin traded above $80,000 as markets turned their focus to Federal Reserve Chair Kevin Warsh’s upcoming Jackson Hole speech for signals on inflation, interest rates and liquidity. Recent gains in Bitcoin have been linked mainly to liquidity conditions, including lower long-term yields and increased purchases of long-term Treasuries, with investors watching whether upcoming Fed guidance can support the move. Mark Connors, chief investment officer at Risk Dimensions, said Warsh is unlikely to signal a clear rate move and will instead focus on reforms to the Fed’s policy framework, including inflation measurement and market communications. July PCE inflation came in at 3.7% year over year, above the Fed’s 2% target, increasing market expectations for a September rate hike. Samir Kerbage, chief investment officer at Hashdex, said Bitcoin is shaped less by a single rate decision than by global liquidity and long-term rate trends. With Jackson Hole also covering financial innovation, payments and policy, market participants are also watching for discussion around stablecoins, tokenized deposits and on-chain settlement.