Bitcoin Struggles at Key Resistance as Powell’s Hawkish Remarks Shift Market Sentiment

On April 17th, COINOTAG highlighted remarks made by Federal Reserve Chairman Jerome Powell during a session at the Chicago Council on Global Affairs. Powell cautioned that elevated tariffs imposed by the Trump administration could escalate inflationary pressures while hampering economic growth. This outlook places the Fed in a challenging position, balancing between curbing price increases and preserving employment levels. Market analysts suggest that Powell’s hawkish stance has led investors to reassess their expectations regarding interest rate cuts, which has negatively impacted various risk assets, particularly in the short term. To maintain its bullish momentum, Bitcoin (BTC) must decisively overcome the critical resistance zone of $86,500 to $88,000. Investors are advised to implement stringent risk management strategies and remain vigilant regarding developments in macroeconomic policies and shifting market sentiments.