Bitcoin retests $76k support as Powell’s final FOMC looms this week
Bitcoin dips below $76,000, tags $75,666, then rebounds. Traders eye $74K–$80K and Wednesday’s FOMC.
Bitcoin (BTC) has held a wide band since its early‑month breakout. Price trades in the $74,000–$80,000 range after Tuesday’s flush to $75,666.
Analyst Sjuul calls this a make‑or‑break week. He says both technicals and fundamentals “are at a crossroads” on X.
$80,000 sits at the top of a rising channel and a key horizontal level from the Q4 2024 rally. That area has capped price and remains the most relevant resistance on the chart per NewsBTC.
Price action mirrors January’s setup. BTC traded in a bear flag then, met heavy resistance near $97,000, failed, and slid to ~$60,000 lows. Sjuul says an initial rejection is normal; watch the reaction below $80K here.
His “line in the sand” is $74,000. Hold it, and buyers may attempt a breakout above $80K with a path to $86K. Lose it, and a deviation back into the prior range risks a retest of February lows per Sjuul.
The macro catalyst is mid‑week. “Wednesday isn’t just a rate decision; it’s Powell’s final press conference. Every word will carry extra weight,” Sjuul adds via NewsBTC.
Ted Pillows flags chair transitions as a risk. He notes BTC fell 84% after Yellen in 2014, and 73% and 61% around Powell’s 2018 and 2022 confirmations. He warns of another large drawdown if Kevin Warsh takes over next month on X.
- Levels to watch: support $74K, resistance $80K, next target $86K source
- Main catalyst: Wednesday’s FOMC and Powell’s final presser source
- Historical risk: BTC drawdowns after Fed chair changes source
