Crypto: Bitcoin Eyes $90k Ahead Of Fomc: Watch These BTC Price Levels Next

Bitcoin price traded below $90,000 as investors braced for Jerome Powell’s post-FOMC speech that could trigger volatile swings toward key BTC price levels.

Bitcoin (BTC) is attempting to break the resistance at $90,000 on Wednesday, as traders expect volatile price swings before and after the US policy decision on interest rate cuts.

The odds of the US Federal Reserve leaving interest rates unchanged today are 100%.

BTC price may drop as low as $65,500 if the key support zone between $80,000 and $84,000 is broken.

There is nearly a 100% chance that the current interest rates will remain between 3.5% and 3.75%, according to data from Polymarket.

Futures market traders have also locked in a 97.2% chance that the Fed will leave interest rates unchanged, with odds for a 25 bps reduction at only 2.8%.

However, market participants say that any bearish price action from unchanged interest rates is already priced in.

Related: Bitcoin’s real ‘Uptober’ moment might start in February: Here’s why

Traders have other sources of volatility to contend with, including the Japanese economy, risks of another US government shutdown and the Fed’s move to buy yen, along with Fed Chair Jerome Powell’s speech after the FOMC meeting.

The market will closely watch Powell’s language at the FOMC news conference to see if there is any shift in tone.

Source: CoinTelegraph