Here’s why Bitcoin is stuck below $80,000 and what Powell’s FOMC meeting did for BTC price
CryptoSlate
Bitcoin faces resistance between $78,000 and $80,000 as high oil prices and Fed uncertainty limit its upward momentum.Summary
Bitcoin is currently struggling to break above the $80,000 resistance level due to an intense on-chain supply zone and a restrictive macroeconomic environment. Jerome Powell and the Federal Reserve have maintained a cautious stance, citing persistent inflation driven by elevated global oil prices, which complicates the outlook for interest rate cuts. According to Glassnode, Bitcoin's price is currently pinned between key technical levels, with resistance near $79,000 and support at $68,000. Future price action remains dependent on whether oil prices moderate and if the Fed can eventually pivot, though record-high net-short perpetual futures suggest the market is already positioned for potential volatility.
(Source：CryptoSlate)