Bitcoin Price Levels to Watch Ahead of Fed Chair Powell’s Speech
The Bitcoin price remains a key focus for traders as it struggles below $110,000, facing strong resistance at $112,000. With Federal Reserve Chair Jerome Powell set to speak, these levels could determine the cryptocurrency market’s near-term direction.
Market Outlook and Bitcoin’s Performance
According to CME’s FedWatch tool, there’s a 99.9% probability interest rates will remain unchanged. Despite this, Bitcoin maintains resilience, supported by institutional activity and spot Bitcoin ETFs.
- Critical resistance: $112,000
- Important support levels: $106,000 and $100,000
- Notable institutional backing from Metaplanet and Strategy
Expert Perspectives on Market Movements
“Powell’s tone could significantly influence market sentiment,” observes a Swissblock analyst. This view reflects broader crypto market expectations about how monetary policy affects digital assets.
Trading Considerations
Traders should watch these levels carefully. Breaking $112,000 may signal upward momentum, while falling below $106,000 could test lower supports. The FOMC meeting results will likely set the tone.
