The price of Bitcoin is struggling to break the $85,000 resistance level. Since March 12th, Bitcoin’s price has formed daily candles between $84,000 and $85,200 but has failed to close above $84,600. As the Federal Open Market Committee meeting approaches on March 18-19, the market may experience significant price fluctuations. According to FedWatch tool, there is a 99% probability of interest rates remaining unchanged. Analysts believe that Jerome Powell’s speech, the Federal Reserve Chairman, 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, a drop to $74,000 is possible. Analysts warn that in the worst-case scenario, the price may decline to the range of $71,300 to $73,800.
