Bitcoin price continues to fluctuate below $85,000 as the market anticipates the Federal Open Market Committee (FOMC) meeting set for March 18-19.
Current Bitcoin Market Situation
Since March 12, Bitcoin price has formed daily candle highs between $84,000 and $85,200 but has been unable to close above $84,600. The 1-hour chart shows a state of uncertainty, characteristic of 'no man's land'.
Expectations from the FOMC Meeting
According to the FedWatch tool, there is a 99% chance that interest rates will remain at 4.25-4.50%. Nevertheless, market focus is on Jerome Powell's speech, expecting a 'hawkish' stance.
Key Bitcoin Price Levels
To achieve $90,000, Bitcoin must flip $85,000 resistance into support. A bullish scenario could be supported by Bitcoin ETF demand, while bears aim to keep prices below $78,000.
Watch for new market signals following the FOMC meeting. The market's focus is on policy guidance from the Fed in the coming weeks.
