After 100 Days of Consolidation, Bitcoin (BTC) Price Ready to Hit $74,000, Will Jerome Powell Save the Markets Again?

Bitcoin demonstrates an interesting trade setup of excessive accumulation as the price is stuck within a range for over 100 days. This has been recorded for the first time in recent history, suggesting the bulls are not keen on elevating the levels beyond the current ATH. One of the main reasons could be their inefficiency in holding the levels above the gains after the BTC price forms a new ATH. 

Regardless of the ongoing chart patterns, the market participants are hopeful of the upcoming trend, while one more pushdown may offer a good entry. In the last couple of months, the FOMC impact on the rally has been quite bearish and hence a similar trend is expected this time. However, the bullish scenario continues to remain intact, as the major catalyst could be the FOMC itself. 

With the FOMC minutes just a few minutes away, the markets are reacting negatively, which may also be considered as a preparation before the next move. Powell’s press conferences have been good for the crypto markets in recent times. In the past 4 FOMC events, the price has coincided with local bottoms, followed by a more than 20% upswing. With the fresh data on the horizon, a significant BTC bounce could be on the horizon. 

Will Bitcoin’s (BTC) price form a new ATH above $74,000?

The BTC price might appear boring but it is creating a healthy market structure over a longer period of time. Therefore, here are the potential moves for the BTC price, followed by the release of FOMC & CPI. 

• If the events turn out to be bullish, then the BTC price could break above the consolidation and form a new ATH at around $74,500

• A fake pump or negative FA from Powell may create another low for the BTC price 

• Price breakdown sell-off could create a healthy market structure and BTC may create huge inverse head and shoulder 

On the contrary, the bearish scenario may play out if the Bitcoin (BTC) price breaks down below $66,000, finding the next support close to $64,000.