Bitcoin stalls under $85K— Key BTC price levels to watch ahead of FOMC

Key Points

  • Bitcoin price struggles to break above $85,000 resistance, with key support levels below.
  • The FOMC meeting on March 18-19 could lead to volatile price swings.
  • Market sentiment leans towards unchanged interest rates, with focus on Fed Chair Powell's speech.
  • Bitcoin must flip $85,000 into support to target higher highs at $90,000.
  • Potential support levels for Bitcoin are identified at $74,000 and between $70,530 and $66,810.

Summary

Bitcoin's price has been unable to surpass the $85,000 resistance level, with daily candle highs fluctuating between $84,000 and $85,200 since March 12. The market is currently in a state of uncertainty, described as "no man's land," due to the upcoming Federal Open Market Committee (FOMC) meeting on March 18-19. There's a 99% chance that interest rates will remain unchanged, but the market's attention is on Fed Chair Jerome Powell's speech, which is expected to be hawkish given recent economic indicators. Key Bitcoin price levels to monitor include flipping $85,000 into support to aim for $90,000, with potential support levels at $74,000 and between $70,530 and $66,810. Analysts suggest that while the FOMC meeting could act as a wildcard, Bitcoin might see a retest near $70,000 in the coming weeks.

cointelegraph
March 18, 2025
Crypto
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