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Analysis: Bitcoin hovers around the $76,000 resistance level, with the market focusing on Powell's speech after the FOMC meeting
According to market news, Bitcoin is currently priced at approximately $74,230, down about 2.6% from the six-week high of $76,000 reached on Tuesday. The market generally expects the Federal Reserve to maintain interest rates at the upcoming Federal Open Market Committee (FOMC) meeting.
Traders widely believe that the expectation of unchanged interest rates has been fully priced in by the market, and the real catalyst for volatility will be the statements made by Federal Reserve Chairman Jerome Powell at the post-meeting press conference—whether a hawkish or dovish stance will directly influence market direction. Additionally, the situation between the U.S. and Israel-Iran, inflation concerns, and rising oil prices also pose potential sources of volatility.
In terms of price, Bitcoin needs to effectively break through the resistance level of $76,000 and turn it into support in order to further challenge the range above $80,000, with the next target being the 200-day simple moving average (SMA) at $87,411. If the bulls fail to hold, the price may retreat to the range of $72,000 to $65,000, and in extreme cases, it could drop to $60,000.
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