Today, there is an important development that will affect the Bitcoin and altcoin space: US Federal Reserve Chairman Jerome Powell will give a speech. So, when will the Fed President’s statements take place? How might this affect the price of Bitcoin? Here are the details…
When is the Fed Chairman’s speech? What is expected?
In general, the market is locked in the statements that Jerome Powell, the Chairman of the US Federal Reserve (FED), will make before the US Senate today. For this reason, investors are acting cautiously and there is not much activity in most markets. Powell’s presentation in the US Senate is scheduled to begin at 6 p.m. Turkish time. In the presentation, he will talk about the 6-month monetary policy report. It’s also worth noting that Powell will also speak to the House Financial Services Committee tomorrow.
Market experts expect Powell’s comments to cause volatility in the US nonfarm payrolls data, which will be released on Friday. On the other hand, according to analysts, Powell’s speech today is important because it will set the general tone before the Fed meeting on March 21-22. So it can give clues to the markets. As it is known, experts were suggesting that the FED would increase interest rates by 25 basis points over the next three months. Because Powell implied that inflation did not regress too much after the interest rate decisions and that he had plans to increase interest rates until he saw more solid indicators for this.
In his report to the US Congress on Friday, Powell drew attention to the Fed’s effort to reduce inflation to 2 percent. It was also stated that some easing will be required in the labor market in the field of travel, food and finance. In the statements regarding the increasing rents, Powell stated that they expect the rate of price increase in this area to slow down in the next year.
What are the prospects for Bitcoin?
Meanwhile, Bitcoin (BTC), which had a volatile start to the day, dropped to $ 22,278 before making a move. So, what might Powell’s speech indicate? What does technical analysis show? According to analyst Bob Mason, BTC, which broke away from the First Major Support Level (S1) at $ 22,201 the other day, rose to $ 22,591. However, falling below the First Major Resistance Level (R1) at $22.661, BTC declined to levels below $22,400 before ending the session at $22,405. Today, however, as we reported above, the caution of investors before Fed Chairman Powell’s statement left risky assets flat. The analyst repeated the same sentiment.
However, crypto news has increased the bearish mood. The White House’s awareness of the Silvergate Bank saga will be alarming, according to the analyst. cryptocoin.com As we reported, in February, the White House called for more crypto market surveillance. Following the response to the collapse of FTX, a punitive response from the administration will be a bearish consequence for BTC and the broader crypto market. The analyst uses the following statements:
Dove policy statements should provide BTC price support as investors wait for the Fed Chair to question lawmakers on Capitol Hill. But crypto news will continue to influence the market focus of regulators and lawmakers. On Capitol Hill, Bitcoin mining will be subject to scrutiny later today. Lawmakers will hold the first Senate session focused on the urgent need to address the growing environmental impacts of crypto mining. Comments from the trial will be effective. BTC will likely show high sensitivity to ban calls.
What is the latest situation in the price of Bitcoin?
A mixed start to the day, BTC rallied to an early top of $22,414 before falling into the red. According to the analyst, for BTC to target $22,591, it must pass the First Major Resistance Level (R1) at $22,571 and the $22,425 pivot. A return to $22,500 would signal a bullish session. Crypto news and Powell’s indication of a “crypto-friendly” mood support a long rally, according to the analyst. In the case of a long rally, Bitcoin will likely test the Second Major Resistance Level (R2) at $22,738 and the resistance at $23,000. The Third Major Level of Resistance (R3) is located at $23.051.
Failure of Bitcoin to move through the pivot will leave the First Major Support Level (S1) at $22.258. However, BTC should avoid below $22,000 if another Fed-driven crypto sell is blocked. The Second Major Support Level (S2) at $22.112 should limit the downside move. The Third Major Support Level (S3) is at $21,799.
Also, looking at the EMAs and the 4-hour candlestick, this was a bearish signal, according to Mason. BTC stayed below the 50-day EMA ($22,813). The 50-day EMA retraced from the 200-day EMA and the 100-day EMA gave bearish signals to the 200-day EMA. A move in R1 ($22,571) keeps the bulls moving forward at R2 ($22,738) and the 50-day EMA ($22,813). Also, a move at the 50-day EMA sends a bullish signal. However, failure to break the 50-day EMA ($22,813) will disable Major Support Levels in Bitcoin.
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