Bitcoin’s price struggled to break through the $85,000 resistance level, hovering between $84,000 and $85,200 since March 12. As uncertainty looms in the Market, especially with the Federal Reserve meeting scheduled for March 18-19, significant price fluctuations are expected. Current predictions indicate a 99% chance of stable interest rates, which has mostly been priced in by traders. Analysts highlight that Bitcoin needs to surpass $85,000 to aim for higher levels at $90,000, while concerns remain about potential drops below $74,000. Recent ETF inflows show renewed interest in Bitcoin, adding to the complexity of the situation as traders await key announcements from Fed Chair Jerome Powell.
Bitcoin Struggles to Break $85,000 Resistance Level Ahead of FOMC Meeting
Bitcoin’s price has faced challenges yet again, failing to break above the key resistance level of $85,000 on March 17. Since March 12, Bitcoin (BTC) has been making daily candle highs ranging from $84,000 to $85,200 but has not managed to close above $84,600. This consistent struggle indicates a volatile trading environment.
Bitcoin’s price movement has created a situation often referred to as “no man’s land” on the lower time frame chart. This scenario suggests uncertainty in the Market, heightened risk for traders, and varying sentiments among investors.
With the Federal Open Market Committee (FOMC) meeting scheduled for March 18-19, traders anticipate that Bitcoin could see significant price swings in the coming days. The FOMC is expected to announce its decision on interest rates on March 19 at 2 pm ET.
According to the FedWatch tool from CME, there is a 99% probability that interest rates will remain steady between 4.25% and 4.50%, which leaves minimal room for any immediate changes. Market analysts suggest that any negative impact from unchanged interest rates may already be accounted for in Bitcoin’s current pricing.
Key Bitcoin Price Levels to Monitor
For Bitcoin to target higher highs, it must convert the $85,000 resistance into support. To achieve this, BTC needs to regain its position above the crucial 200-day exponential moving average that it dropped below on March 9. Should Bitcoin succeed in breaking through this barrier, the next target could be around $90,000.
On the upside, a positive indicator could be an increase in interest from spot Bitcoin Exchange-Traded Funds (ETFs). On March 17, Bitcoin ETFs reported inflows of $274 million, the highest since February.
However, bearish traders are actively attempting to maintain the $85,000 resistance, and a failure to hold this line could trigger new lows, potentially falling below the $78,000 mark, with key support levels around $74,000.
Amidst this trading suspense, Bitcoin analysts are watching the FOMC meeting closely. The Market is particularly interested in any statements from Jerome Powell, the US Federal Reserve chair. The stance he adopts concerning current economic indicators could play a critical role in influencing Bitcoin’s price trajectory.
In summary, Bitcoin remains at a pivotal point. Traders should keep an eye on both the FOMC meeting and significant resistance levels as they chart the future movements of this highly debated cryptocurrency.
Keywords: Bitcoin price, FOMC meeting, interest rates, BTC.
Secondary Keywords: Bitcoin resistance, Bitcoin ETF, cryptocurrency Market dynamics.
What is the current price of Bitcoin?
As of now, Bitcoin is trading under $85,000. It’s important to check the latest prices since they can change quickly.
Why is the FOMC important for Bitcoin prices?
The FOMC, or Federal Open Market Committee, influences interest rates and economic policy. Their decisions can affect Bitcoin’s price, often causing it to rise or fall.
What key BTC price levels should I watch?
You should pay attention to levels like $80,000 and $85,000. These levels can serve as support or resistance, meaning they might affect Bitcoin’s movement in the Market.
How can I prepare for potential price changes?
Stay informed about news related to the FOMC and economic indicators. It’s also a good idea to monitor your investment closely and set alerts for key price levels.
Is it a good time to invest in Bitcoin right now?
Investing in Bitcoin involves risks. If it’s under $85,000 and you believe in its long-term value, it might be a good opportunity. However, consider your financial situation and do thorough research before making decisions.