- Bitcoin struggles at $114,000 resistance, with $112,934 as current price amid FOMC
- Traders watch Jackson Hole symposium, with Powell’s speech likely to impact rate cut expectations.
- Support zone between $109,850 and $111,900 is critical; falling below could weaken Bitcoin’s structure.
Bitcoin stayed volatile around $112,934 as Wall Street opened on Thursday, barely reacting to a new US-EU trade deal. Traders are watching the Federal Reserve’s Jackson Hole symposium, where Fed Chairman Jerome Powell’s speech on Friday may rock markets.
The $114,000 price point is pivotal for Bitcoin, serving as a stiff barrier for bulls attempting to break higher.
Crucial Price Points and Fed Uncertainty
Analyst Rekt Capital observed that Bitcoin is having a hard time breaking above $114,000 resistance on the daily chart. He cautioned that losing this level convincingly would mean more price declines, particularly as the weekly close looms near.
Another trader, Daan Crypto Trades, highlighted a crucial support range between $109,850 and $111,900. Breaking below this may undermine Bitcoin’s market structure because of FOMC, implying a return to a consolidation period. Exchange data from CoinGlass indicated sturdy bid liquidity beginning at $112,900, aligning with Thursday’s lows.
Meanwhile, the US-EU trade deal had little effect on US stocks, with the S&P 500 and Nasdaq staying flat. Investors are more focused on Powell’s upcoming speech, as it could hint at whether the Fed will cut interest rates in September. Betting odds for no rate cut rose to 36% on Kalshi, while CME’s FedWatch Tool gave a 25% chance of rates staying at 4.25% to 4.5%.
Recent Fed minutes, FOMC showed most members are more worried about inflation than jobs, adding to market uncertainty. Powell’s past Jackson Hole speeches have moved markets, and traders expect this one could do the same for Bitcoin and other assets.
Source: https://thenewscrypto.com/bitcoin-near-114000-resistance-as-traders-await-fomc-signals-from-powell-speech/