Key Points:
- The probability of the Federal Reserve maintaining interest rates today is 100%.
- If support levels between $72,000 and $65,000 are breached, Bitcoin's price could drop to $60,000.
- The likelihood of rates remaining unchanged has reached 100%.
With the Federal Open Market Committee (FOMC) meeting scheduled for March 17-18, the market may experience volatility in the coming days, with key Bitcoin price levels under scrutiny. The policy decision regarding interest rates will be announced on Wednesday at 2:00 PM (ET).
As a result, the market will closely monitor Powell's remarks during the FOMC press conference to gauge any shifts in tone.
Dixon added, “The real volatility catalyst is Powell's tone,” whether hawkish or dovish.
Cryptocurrency trader BitcoinHyper noted that Bitcoin's price has declined following the last six FOMC meetings.
Key Bitcoin Price Levels to Watch
Bitcoin must convert the resistance level at $76,000 into support to aim for a breakout above the $80,000 mark.
If bulls can push the price above the resistance range of $76,000 to $80,000, the next target will be the 200-day simple moving average (SMA) at $87,411.
Meanwhile, bears will attempt to maintain the resistance at $76,000, which would increase the likelihood of a price pullback to the $72,000 to $65,000 range, where the 200-week exponential moving average (EMA) is located.
Below $65,000, the next key area of focus is between $62,500 and $60,000, which would erase all gains since February 6.