$BTC ๐ Technical analysis of Bitcoin price after Jerome Powell's speech
In recent hours, we witnessed Bitcoin drop to around $112,000, raising questions about whether this is just a healthy correction after the recent surge, or the beginning of a deeper decline.
๐น On the chart, we note that the 112K level represents a key support area, as the drop coincided with an increase in trading volume and a long lower wick on the candle, indicating strong attempts by buyers to defend this level.
๐น Markets are awaiting Jerome Powell's speech scheduled for 5 PM Mecca time, as investors look for signals regarding the course of the US Federal monetary policy, which has a direct impact on high-risk assets such as cryptocurrencies.
๐น From a technical perspective:
Staying above 112K may enhance the chances of a rebound towards 118K โ 120K.
A clear break of this level with a daily close below may open the way for further decline towards 105K.
๐ก Summary: We are awaiting the daily close to confirm the upcoming trend, while cautiously monitoring the upcoming Federal statements.
