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Bitcoin (BTC) price remains pinned below $22,000 as the lingering impact of the Aug. 19 sell-off at $25,200 continues to be felt across the market. 

According to analysts from on-chain monitoring resource Glassnode, BTC’s tap at the $25,000 level was followed by “distribution” as profit-takers and short-term holders sold as price encountered a trendline resistance following a 23-consecutive-day uptrend that saw BTC trading above it’s realized price ($21,700).

The firm also noted that the “total inflows and outflows to all exchanges” metric shows exchange flows at multi-year lows and back to “late-2020 levels,” which reflects a “general lack of speculative interest.”

From a higher-time frame perspective, Bitcoin’s current price action is simply a continuation of its near three-month-long chop in the $18,500 to $22,000 range, but the real damper on sentiment is persistent non-crypto-related concerns in the United States and global economy.

On August 25, the Jackson Hole Economic Symposium begins and from this, the public will learn more about the Federal Reserve’s perspective on the U.S. economy, its plans for future interest rate hikes, whether the inflation target remains at 2% and if the Fed thinks the U.S and global economy are in a recession. Anticipation over the symposium has clearly made investors skittish and these frayed nerves are visible in the S&P 500, DJI and crypto markets this week.

On this week’s “The Market Report” show, Cointelegraph’s resident experts discuss some of the main factors that contributed to the collapse of this bear market rally.

To kick things off, we broke down the latest news in the markets this week

Bitcoin (BTC) to lose $21K despite miners’ capitulation exit? Five things to know in Bitcoin this week. Miners are a glimmer of hope in a barren Bitcoin landscape this week ahead of a key Federal Reserve event in Jackson Hole. After dipping below $21,000 over the weekend, the largest cryptocurrency is consolidating around 10% lower than a week ago, and the fear across crypto markets is clearly visible. As August nears the end, what will September bring in terms of inflation, price volatility and other macro triggers?

Data shows Bitcoin and altcoins at risk of a 20% drop to new yearly lows. The total crypto market capitalization dropped to the $1 trillion support, and weak stablecoin demand and a largely absent funding rate reflect traders’ negative sentiment. Will crypto investors' sentiment shift toward more bearish? Are we on our way to retesting yearly lows?

Cryptocurrencies react to Jackson Hole, Fed rate hike plans and a weakening bear market rally. The price action in Bitcoin, altcoins and stocks reflects investors’ anxiety over the Fed’s rate hike plans, a weakening bear market rally and this week’s Jackson Hole economic symposium. Is the fear of future interest rate hikes by the Federal Reserve making investors nervous? Is this macro uncertainty keeping the institutional investors away from the crypto markets?

Bitcoin (BTC) headed for multi-day highs after the Aug. 23 Wall Street open as United States economic data tripped up the dollar.

Dollar suffers as data shows incomes "squeezed"

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it eyed $21,700 at the time of writing, near resistance in place since last week’s near-12% drop.

The pair gained momentum as the U.S. Purchasing Managers Index (PMI) prints for August showed a drop versus the month prior, hitting the lowest levels since May 2020 at the height of the first round of COVID-19 lockdowns.

“The S&P Global Flash US Services Business Activity Index posted at 44.1 in August, down from 47.3 in July, to indicate a further reduction in overall services activity,” a press release from curator S&P Global stated.

“The decrease in business activity was sharp overall and the fastest since May 2020. Service providers noted that hikes in interest rates and inflation dampened customer spending as disposable incomes were squeezed.”