Bitcoin in Limbo! Powell’s Speech Tonight to Shake the Market
TradingKey – Bitcoin is hovering around $103K with weak bullish momentum. Powell’s speech tonight may break the deadlock.
On Thursday (May 15), Bitcoin (BTC) continued its recent sideways trend, fluctuating near $103K. By the time of this report, BTC was trading at $103,633.
Bitcoin Price Chart, Source: TradingView.
Three days ago, a mutual tariff reduction between the U.S. and China triggered a brief BTC rally before a pullback, exhausting the bulls. Additionally, the RSI indicates overbought conditions, suggesting a short-term correction is likely.
Tonight, the Federal Reserve will hold its second Thomas Laubach Research Conference, focusing on monetary policy and economic studies. Fed Chair Jerome Powell is set to deliver opening remarks.
Markets are watching closely to see if Powell will respond to Trump’s May 13 call for rate cuts. However, investors expect Powell to maintain his usual stance and reject political pressure. Current market pricing suggests a 91.7% chance (CME data) that the Fed will hold rates steady in June.
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