It’s an end-of-month showdown for potential Bitcoin price triggers on Friday as the Federal Reserve takes to the international stage.

Bitcoin (”>BTC) hovered near $47,000 on Friday as traders took no chances on the day of the United States Federal Reserve’s Jackson Hole summit.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

End-of-month cold feet for Bitcoin traders

Data from″>Cointelegraph Markets Pro and TradingView showed BTC/USD fluctuating in a range centered on $47,000 during Friday.

The past 24 hours saw little action up or down for Bitcoin as market participants awaited cues from both the Fed and the end-of-month options expiry event, this time worth some” data-amp=””>$2 billion.

“Not a very strong reaction at the moment,” trader and analyst Rekt Capital commented on price action overnight.

“A Daily Close above the high-$47000s would be a positive sign of strength however.”

In the event, a higher close failed to materialize, with $50,000 still remaining unchallenged after Bitcoin lost the level earlier in the week.

Cointelegraph contributor Michaël van de Poppe likewise stuck to his” data-amp=””>previous forecasts, these involving a BTC support zone around $44,000. 

“This idea on Bitcoin is still my primary vision,” he tweeted.

Options expiries tend to generate more fear than genuine selling pressure, with BTC price action often” data-amp=””>shrugging off the events themselves. Open interest totaled $9.19 billion Friday, a three-month high.

BTC options open interest chart. Source: Bybt

Buzzword: “tapering”

As Cointelegraph” data-amp=””>reported, the Fed’s virtual Jackson Hole event is tipped to shed light on future economic policy changes tied to the coronavirus pandemic.

Related:” data-amp=””>Analysts say Bitcoin price pullback and profit-taking at $50K ‘was expected’

Asset purchases may be scaled back, a mechanism known as tapering, in what could change the mood among traditional assets as the S&P 500 trades at all-time highs.

Any hints about inflation policy may also serve to boost alternative asset demand. The U.S. dollar gained in the run-up to the Fed’s debut, traditionally a point of friction for Bitcoin.

U.S. dollar currency index (DXY) 1-day candle chart. Source: TradingView