$BTC 📊 Technical Analysis of Bitcoin Price After Jerome Powell's Speech

In the last few hours, we have witnessed Bitcoin drop to around $112,000, raising questions about whether this is just a healthy correction after the recent surge, or the beginning of a deeper decline.

🔹 On the chart, we observe that the 112K level represents a major support area, as the drop coincided with an increase in trading volume and a long lower wick on the candle, indicating strong attempts from buyers to defend this level.

🔹 The markets are awaiting Jerome Powell's anticipated speech at 5 PM Mecca time, as investors are looking for signals regarding the path of U.S. Federal Reserve monetary policy, given its direct impact on high-risk assets such as cryptocurrencies.

🔹 From a technical perspective:

Staying above 112K may enhance the chances of a rebound towards 118K – 120K.

A clear break of this level with a daily close below may open the way for further declines towards 105K.

💡 In summary: We await the daily close to confirm the upcoming trend, with cautious monitoring of the upcoming Federal statements.

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