Bitcoin price is struggling to break the $85,000 resistance level. Since March 12, Bitcoin’s price has formed daily candles between $84,000 and $85,200 but failed to close above $84,600. As the Federal Open Market Committee meeting on March 18-19 approaches, the market may experience intense price fluctuations. According to FedWatch tool, there is a 99% chance of interest rates remaining unchanged. Analysts believe that Jerome Powell’s speech, the Federal Reserve Chair, will have a significant impact on the market. For further upward movement, Bitcoin needs to turn the $85,000 resistance level into support. In case of breaking this level, the possibility of a drop to $74,000 exists. Analysts warn that in the worst-case scenario, the price may decline to the range of $71,300 to $73,800.
