Bitcoin: It Can't Get Much Worse, Or Better, For Now

SummaryAs Bitcoin tests the $20,000 region, we look at key support areas below.The macroeconomic consensus is for a gloomy 2023, but not everyone agrees.Bitcoin may have bottomed already, but isn't ready to rally just yet.Thesis SummaryBitcoin (BTC-USD) briefly slipped below $20,000, following what many took as bearish remarks by Jerome Powell at Jackson Hole on Friday. The broader crypto market also experienced weakness throughout the weekend but has since recovered well.It seems to me like the current outlook and expectations are very bearish, which seems like a bullish indicator. The more people expect things to get worse, the more likely we get a bullish surprise.Bitcoin is trading near its recent lows of $17,500, and we have strong support beneath that. I'm talking of the "Balanced Price" and the "Delta Price". With that said, on-chain Data also suggests that interest in Bitcoin is still low, so a typical Bitcoin bullish run is not likely for a few months.Macro OutlookThe reality of the matter is that not a lot of actual new information was given at Jackson Hole, but the market was swayed by the "conviction" in Powell's speech, who emphasized that taming inflation was priority number one, even at the expense of employment.Expectations for higher rates have increased, and this can be seen in the Fed Funds Futures. Clearly, most expect interest rates to keep climbing well into 2023, and for inflation to keep running hot a w...