Powell Speech Today: Crypto Traders Watch for Bitcoin and Altcoin Movements

The Impact of Powell's Speech on the Crypto Market

All eyes are on Federal Reserve Chair Jerome Powell, who will speak today at 12:35 PM ET at the Greater Providence Chamber of Commerce. Investors and crypto traders are watching; will Powell hint at more interest rate cuts or keep a cautious approach? The Fed recently cut rates by 0.25%, and Powell is expected to highlight a data-driven approach for future decisions, jobs layoffs, and high inflation.

Analysts say Powell may take a careful, easygoing approach, which could lead to more rate cuts if inflation falls and job numbers weaken, according to CoinPedia. Markets are already reacting, causing short-term volatility in both traditional stocks and crypto before Powell even speaks.

Bitcoin Price Reaction

Bitcoin has bounced from a strong support level around 111.4K. BTC is currently testing the 113.1K resistance level. If Powell hints at more rate cuts or a soft approach, Bitcoin could rise to 114K–115.5K, says CoinPedia. If Powell stays neutral or cautious, BTC might drop back toward 111.4K or lower, causing short-term volatility. Traders are watching these levels closely to predict immediate market moves after the speech.

Altcoin Market Outlook

The altcoin market cap, excluding BTC and ETH, is testing a key trendline. If the trendline holds, altcoins could rebound and aim for their $1.16T all-time high. If the trendline breaks, altcoins may drop to $920B–$960B, increasing selling pressure across the market, says CoinPedia report.

FAQs

• Q1: How will Jerome Powell’s speech affect Bitcoin today?
• If Powell signals more rate cuts, Bitcoin may rise; a cautious tone could make it drop.
• Q2: What could happen to altcoins after the Fed speech?
• Altcoins may rebound if key support holds or fall to $920B–$960B if it breaks.