Following Jerome Powell’s speech, Bitcoin (BTC) failed to break through the psychological $86,000 range and is now caught in a serious struggle between bulls and bears. Powell stated that the interest rate will remain unchanged for now and the impact of new US government tariffs could lead to increased inflation and decreased economic growth, complicating decisions for the Federal Reserve. Investors are reevaluating future BTC price scenarios as hope for a rate cut in the US has significantly decreased. To initiate a new upward trend, Bitcoin must first convert the $86,000 resistance into support and then reach the 200-day Moving Average at $87,740. Key support is in the $76,000 to $74,000 range, aligned with the historical ceiling of March 2024. Failure at this level would target the next level at $67,817 (BTC price on the US election day). It’s worth mentioning that the $67,500 level coincides with the average purchase price of a consistent strategy company, indicating it could be a crucial anchor for Bitcoin bulls.
