BTC Levels to Watch Before Powell's Speech

Key BTC Levels to Watch Ahead of Fed Chair Powell’s Speech

Bitcoin (BTC) price held steady at $118,200 on Wednesday, reflecting a cautious approach from traders amid growing macro uncertainty as they await key comments from the U.S. Federal Reserve.

Interest Rate Expectations

• Market odds of a Fed interest-rate cut this week are less than 3%, according to Polymarket.
• The FOMC's two-day meeting began Tuesday, with the interest rate policy decision expected Wednesday.
• Most anticipate the Federal Reserve will maintain current rates, despite pressure to lower them.

Polymarket indicates a 97.5% chance that interest rates will remain between 4.25% and 4.50%, with only a 2.3% probability of a 0.25% rate cut.

Uncertainty around Fed Chair Jerome Powell’s speech has traders on edge. Crypto investor TedPillows noted traders appeared to "panic sell" on Tuesday in anticipation of the speech.

Market commentator James DePorre stated, "Investors will be listening very carefully to the Fed chair, and a dovish posture can influence the market."

Traders are also monitoring Friday’s U.S. nonfarm payrolls report and upcoming tariff deadlines.

Critical Bitcoin Price Levels

Currently, $120,000 is the key level traders are watching for Bitcoin. Analysts suggest that breaking above this resistance could lead to new all-time highs.

Glassnode mentioned in their "Week Onchain" report that a confirmed breakout could bring the $141,000 region into focus, which aligns with two standard deviations above the STH realized price.

Additional levels to monitor include $125,000, representing the STH cost basis pushed one standard deviation higher.

On the downside, traders should watch Bitcoin’s STH cost basis at $105,400 and the yearly open around $93,000.

Analyst Killa suggests $114,000-$116,000 as a crucial area, noting the price might drop to $112,000 to fill the fair gap value before recovering.

SuperBitcoinBro highlighted that Bitcoin could dip to $112,000 before a potential squeeze higher, with the next major liquidity cluster between $119,800 and $121,000.

Nebraskangooner noted that the BTC price will likely remain in range until Powell’s speech triggers a significant move.

Disclaimer: This article does not contain investment advice. Trading involves risk; conduct your own research.