On April 16, Bitcoin was unable to surpass the $86,000 resistance level, reflecting the impact of Fed officials' comments regarding interest rates.
Failed $86,000 Breakthrough
The price of Bitcoin (BTC) on April 16 failed to overcome the resistance level of $86,000. Despite forming daily highs between $75,000 and $86,400 since April 9, a close above this level has not been achieved.
Market Situation Intensification
Fed Chair Jerome Powell emphasized that the Fed is not rushing to cut interest rates, highlighting the need for additional data before altering policy. He also pointed out risks associated with tariffs imposed by President Trump, which could lead to increased inflation and slower economic growth, stating: > "The level of tariff increases announced so far is significantly larger than anticipated, and the economic effects will be substantial."
Key Bitcoin Price Levels
Bitcoin must break the $86,000 resistance level to target new highs at $90,000. For this to happen, BTC/USD needs to regain its position above the 200-day exponential moving average at $87,740. Otherwise, bears could keep the price below $80,000.
The current price situation of Bitcoin indicates that the market is awaiting further developments from the Fed and potential statements regarding interest rates. Analyzing support and resistance levels remains crucial for traders.
