Bitcoin failed to decisively clear $80,000 after Federal Reserve Chair Kevin Warsh delivered a cautious speech at Jackson Hole, with BTC/USD briefly falling to $78,442 on Bitstamp, down about 1% intraday. Warsh reaffirmed the Federal Reserve’s commitment to its 2% inflation target and played down the significance of recent declines in CPI and PCE, two broad inflation measures. He said progress over the past two years had been modest, arguing that better-than-expected CPI and PCE readings this summer did not show a meaningful improvement in underlying trends. Warsh also said forward guidance, a standard policy practice introduced during the financial crisis, was outdated and would not return in the future. U.S. stocks were not weighed down by the remarks, with the S&P 500 and Nasdaq each gaining about 0.5%. On-chain data showed dense resistance between the current spot price and $86,000, limiting upward momentum. QCP Capital said derivatives markets would need funding rates and open-interest growth to remain controlled even if Bitcoin breaks higher, with the key question being whether any subsequent move is led by spot participation or leveraged positions. As of publication, BTC/USD was up 26.35% for the month, its best August performance since 2017.