Bitcoin Stalls Below $85K – Key BTC Price Levels to Watch Before FOMC

Bitcoin (BTC) Price failed to break the resistance at $85,000 on March 17. Since March 12, BTC prices have formed daily candle highs between $84,000 and $85,200, but cannot exceed $84,600.

Bitcoin is still on the lower time frame (LTF) of the 1-hour chart. This term in the trading market is defined as a price range within which movement is characterized by uncertainty, huge risks and dynamic tension due to external events and contradictory market sentiment.

Meeting with the Federal Open Market Committee (FOMC) Start progressing From March 18 to 19, the market may see fluctuating price fluctuations towards key BTC price levels in the next few days. Key announcements on interest rates will be held on March 19 at 2 p.m. ET.

99% chance rate won’t change

According to CME FedWatch Toolsthe current interest rate will remain between 4.25% and 4.50%, with only a 99% chance of only a 1% chance of reducing 0.25%.

However, a common market belief is that any bearish price action that does not change interest rates has been priced.

Related: Bitcoin price cannot be abandoned due to the fall of the US dollar index (DXY) – Why?

Therefore, the market is concentrated on the speech of the Fed Chairman in his speech at the FOMC by Jerome Powell. Regarding recent data, Powell’s position may be Hawkesh. The evaluation is based on the following points:

• The Consumer Price Index (CPI) remained at 2.8%, which is still above the Fed’s 2% main target, with the Personal Consumer Expenditure (PCE) price index of 2.5%-2.6%. Although the CPI was slower than last week’s expectations, it discouraged immediate lowering of tax rates.

• The unemployment data remained low at 4.1%, with a GDP age of 2.3% in the fourth quarter, indicating that the economy does not need immediate stimulus.

Meanwhile, Polmarket is now Say there is a 100% chance The U.S. Federal Reserve will summarize quantitative tightening (QT) by April 30, which will increase the chances of lowering tax rates as early as this summer.

Key Bitcoin price levels to watch

Bitcoin must flip the $85,000 resistance level into support, targeting a higher high of $90,000.

To do this, BTC/USD must first regain the position of the 200-day exponential moving average (orange line) on its 1-day chart. Since August 2024, the price of BTC has dropped below the 200-day EMA on March 9.

A positive catalyst for the Bulls could be the demand for spotted bitcoin ETFs. On March 17, Bitcoin ETF Registered $274 million inflows since February 4.

Meanwhile, the Bears will try to maintain $85,000 resistance, increasing the likelihood of a new low below $78,000. The direct target below the previous range is $74,000, the all-time high starting in early 2024.

The next key critical area is below $74,000, with the remaining order blocks ranging from $70,530 to $66,810. Achieving $69,272 will be a retest of the U.S. election day price, thus eliminating all the benefits of the Trump pump.

SuperbitCoinbro, anonymous BTC analyst, Highlights The “worst case” scenario for Bitcoin is $71,300 and $73,800, which could be potential support for every schedule from day to quarter.

Similarly, another popular Bitcoin analyst, Nebraskangooner, explain FOMC is a wildcard that explains that BTC must recoup $86,250 to confirm the bullish scenario in the lower timeframe.

Related: “The Bitcoin bull cycle is over.”

But, as shown in the chart, he expects a possible retest of the $70,000 level in the next few weeks.

This article does not contain investment advice or advice. Every investment and trading move involves risks and readers should conduct their own research when making decisions.