Key Levels: Is Bitcoin Price Rebounding at $57K? Find Out the Reasons

Bitcoin (BTC) remained near its lowest point in two months as investors prepared for the next macro move in the United States. Following a drop to $56,500 on Bitstamp, BTC volatility calmed down ahead of the U.S. Federal Reserve’s interest rates announcement and Chair Jerome Powell’s subsequent press conference. Market participants were hoping for a less hawkish tone from Powell after the Quarterly Refunding Announcement dealt a blow to the U.S. liquidity outlook. The odds of the Fed keeping rates at their current levels were at 99%, indicating low expectations for positive news. Despite the drop in Bitcoin and altcoin prices, some traders believed that the worst losses were already priced in. Bitcoin traders were closely watching key price levels as several support lines were breached. Analysts compared the current pullback to previous retracements in the bull market, with some considering it a typical move. One trader even suggested that Bitcoin could experience a renaissance similar to gold in recent years. This article does not provide investment advice and readers are advised to conduct their own research before making any decisions.