Bitcoin stalls under $ 85k – BTC price levels to watch in advance at FOMC

Bitcoin’s (BTC) The price of another attempt at breaking up the upper resistance to $ 85,000 on March 17. Since March 12, the BTC price has formed daily high candles between $ 84,000 and $ 85,200, but have been unable to close above $ 84,600.

Bitcoin remains in “no man’s land” in the lower time frame (LTF) of the 1-hour chart. This term in trading markets is defined as a price range in which movements are characterized by uncertainty, significant risk, and dynamic -changing tension due to external events and conflicting market sentiments.

Includes meeting of the Federal Open Market Committee (FOMC) Set to take place On March 18-19, markets could see a volatile price of swings towards the BTC’s major price levels over the next few days. Critical interest rate announcements will be held on March 19 and 2pm.

99% interest rates will not change

According to CME’s Fedwatch toolThere is a 99% chance that current interest rates remain between 4.25% and 4.50%, leaving only a 1% probability of a 0.25% rate cut.

However, a common market belief is that any bearish price action from unchanged interest rates has already been priced.

Related: Bitcoin price failed to be parabolic like the US Dollar Index (DXY) Falls – Why?

Therefore, the market is dedicated to Jerome Powell, the US Fed speech during the FOMC speech. In connection with recent data, Powell’s stance is likely to be hawkish. The assessment is based on the following points:

• The consumer price index (CPI) remains at 2.8%, which is still above the 2%main target of the Fed and the personal consumption price index (PCE) stands at 2.5%-2.6%. While the CPI arrives less than expected last week, it does not encourage immediate rates.

• Unemployment data remains less than 4.1%, with annual GDP growth of 2.3% in Q4 2024, indicating that the economy does not require immediate stimulation.

Meanwhile, polymarket today It is said that there is a 100% chance That the US Federal Reserve will end with the volume of tight (QT) on April 30, which will boost the odds of a rate cut early on this tag.

Bitcoin price levels to watch

Bitcoin must flip the $ 85,000 level of support resistance to target higher than $ 90,000.

To this happen, the BTC/USD must recover its position above the 200-day exponential transfer of the average (orange line) to the 1-day chart. The BTC price dropped below the 200-day EMA on March 9 for the first time since August 2024.

A positive catalyst for bulls can change demand from Bitcoin ETF spots. On March 17, the Bitcoin ETF registered $ 274 million in flows, the largest since Feb. 4.

Meanwhile, the Bears, will try to retain $ 85,000 resistance to the area, increasing the likelihood of new lows under $ 78,000. The immediate target below the previous set of lows lies at $ 74,000, that is, the past all time high from early 2024.

Below the $ 74,000, the next major area of ​​interest remains between $ 70,530 and $ 66,810, with a sun -sun block. The upcoming $ 69,272 will be a retest of the US election day price, which removed all the “Trump Pumps”.

The superebitcoinbro, an unidentified BTC analyst, Highlights That the “worst case” scenario for Bitcoin is at $ 71,300 and $ 73,800, which can be a potential support every hour from day -to -day to quarterly.

Similarly, Nebraskangooner, another popular Bitcoin analyst, Says That FOMC is a wildcard, which explains that BTC should get $ 86,250 to confirm the bullish scenario in lower time.

Related: ‘Bitcoin Bull Cycle is done,’ CEO CEO is warning, onchain metrics mentioned

However, as the charts described, he expects a possible retirement near $ 70,000 level over the next few weeks.

This article does not contain investment advice or recommendations. Every transfer of investment and trading involves risk, and readers should conduct their own research when deciding.