Bitcoin is struggling at the resistance level of $114,000, with a current price of $112,934 amid the Federal Open Market Committee meeting.#اخبار_الكريبتو_العاجلة #اقتصاد_لا_مركزي
Traders are following the Jackson Hole seminar, and Powell's speech is likely to affect expectations for interest rate cuts.
The support zone between $109,850 and $111,900 is critical; a drop below it may weaken Bitcoin's structure.
The price of Bitcoin has remained volatile at around $112,934 as Wall Street opened on Thursday, and it barely reacted to the new trade agreement between the United States and the European Union. Traders are watching the Jackson Hole seminar organized by the Federal Reserve, where Fed Chair Jerome Powell's speech on Friday may shake the markets.
$114,000 is a pivotal price point for Bitcoin, representing a strong barrier for bulls trying to break through to a higher level.
Critical price points and uncertainty of the Federal Reserve
An analyst at Rekt Capital noted that Bitcoin is struggling to break the resistance level of $114,000 on the daily chart. He warned that a decisive loss of this level would mean further price declines, especially with the week’s close approaching.
Another trader, Dan Crypto Trades, pointed to a critical support range between $109,850 and $111,900. A drop below this range could undermine Bitcoin's market structure due to the Federal Open Market Committee's decision, signaling a return to a consolidation period. Exchange data from CoinGlass indicated strong buying liquidity starting from $112,900, in line with Thursday's lows.
Meanwhile, the trade agreement between the United States and the European Union had little impact on U.S. stocks, as the S&P 500 and Nasdaq indices remained stable. Investors are focusing more on Powell's upcoming speech, which may hint at whether the Federal Reserve will cut interest rates in September. The odds of betting against an interest rate cut rose to 36% in the Calci index, while the Chicago Mercantile Exchange's FedWatch tool gave a 25% chance of keeping interest rates at 4.25% to 4.5%.
Recent Federal Reserve meeting minutes showed that most members are more concerned about inflation than about jobs, increasing market uncertainty. Powell's previous speeches in Jackson Hole have moved the markets, and traders expect this speech to have the same effect on Bitcoin and other assets.
