Bitcoin Holds Pressure on $28,500 as Powell Prepares for Key Speech
Bitcoin (BTC) is maintaining pressure on the $28,500 level as investors await a speech from United States Federal Reserve Chairman Jerome Powell. Powell is set to address the Economic Club of New York and market participants are eager to hear his stance on the current economic situation.
Lepard Predicts Dovish Stance from Powell
Lawrence “Larry” Lepard, an asset management guru, believes that Powell will take a “very dovish” approach in his speech, which could cause a rally in the US bond market. With concerns about inflation and high interest rates, investors are hoping for a more favorable outcome for risk assets like cryptocurrencies.
FedWatch Tool Shows High Odds of Rates Remaining Unchanged
The latest data from CME Group’s FedWatch Tool indicates that there is an 88% chance that interest rates will remain at their current levels at the next meeting of the Federal Open Market Committee. This suggests that the Fed may not raise rates further, which could be positive for crypto and other risk assets.
Bitcoin Traders Monitor Liquidity Walls
Bitcoin’s price movements have been relatively stable recently, with volatility reduced due to liquidity in the market. Traders are keeping an eye out for significant support and resistance levels, such as $28,000 and $29,000, to determine future price movements.
Hot Take: What to Expect from Powell’s Speech
Investors are eagerly awaiting Jerome Powell’s speech to gain insight into the Fed’s stance on interest rates and the economy. If Powell takes a dovish approach and signals no further rate hikes, it could benefit risk assets like cryptocurrencies. However, the market remains cautious amid concerns about inflation and the potential impact on the bond market.
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