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

Bitcoin (cryptoprimacy.com/bitcoin-price”>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 cryptoprimacy.com/?via=markets&_ga=2.121254216.1571181373.1628517932-1136475544.1627545224″>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 cryptoprimacy.com/news/here-s-why-bitcoin-bulls-might-trample-50k-ahead-of-friday-s-2b-btc-options-expiry” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cryptoprimacy.com/news/here-s-why-bitcoin-bulls-might-trample-50k-ahead-of-friday-s-2b-btc-options-expiry/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 cryptoprimacy.com/news/bitcoin-loses-48k-as-analysts-eye-next-zones-for-a-potential-btc-price-bounce” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cryptoprimacy.com/news/bitcoin-loses-48k-as-analysts-eye-next-zones-for-a-potential-btc-price-bounce/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 cryptoprimacy.com/news/waiting-game-why-friday-s-6b-in-bitcoin-and-ethereum-expiries-may-not-move-the-market” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cryptoprimacy.com/news/waiting-game-why-friday-s-6b-in-bitcoin-and-ethereum-expiries-may-not-move-the-market/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 cryptoprimacy.com/news/50k-btc-price-vs-the-fed-5-things-to-watch-in-bitcoin-this-week” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cryptoprimacy.com/news/50k-btc-price-vs-the-fed-5-things-to-watch-in-bitcoin-this-week/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: cryptoprimacy.com/news/analysts-say-bitcoin-price-pullback-and-profit-taking-at-50k-was-expected” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cryptoprimacy.com/news/analysts-say-bitcoin-price-pullback-and-profit-taking-at-50k-was-expected/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