An analysis of current Bitcoin prices shows increasing volatility amid expectations from the Federal Reserve meeting and ongoing geopolitical factors.
Current Bitcoin Price Situation
Bitcoin's price failed to continue rising and could not surpass the $110,000 resistance on June 17. Since June 5, the BTC price has struggled to break above $112,000. Tensions in the Middle East are also impacting the market as each day passes.
Expectations from the Fed Meeting
According to the FedWatch tool, there is a 99.9% probability that interest rates will remain between 4.25% and 4.50%. The market is anticipating a speech from Fed Chair Jerome Powell, which could trigger price volatility. Market participants are paying attention to any changes in his tone that could affect investor sentiment.
Key Price Levels to Watch
For Bitcoin to maintain its uptrend, it needs to hold above the $112,000 level. Attention should also be given to support and resistance levels at $108,000 and in the $109,000 to $110,500 zone. Conversely, the price may drop to $100,000 and lower, with key levels at $95,800 and $94,600.
The current situation in the Bitcoin market necessitates attention to significant price levels and the potential impacts from Fed decisions and changes in the geopolitical landscape.
