Article Summary

Bitcoin faces downward pressure at $113,421.04 following Federal Reserve Chairman Jerome Powell's hawkish stance that dampened expectations for a December interest rate cut. The leading cryptocurrency's price action reflects broader market uncertainty as investors reassess their positions amid shifting monetary policy signals. Powell's dovish pivot away from anticipated rate cuts has created headwinds for risk assets, including Bitcoin and the broader cryptocurrency market. Technical analysis suggests BTC remains in a critical zone, with traders closely monitoring support levels as the digital asset navigates increased volatility. The Fed Chairman's comments have ripple effects across DeFi protocols and blockchain-based investments, as higher interest rates typically reduce appetite for speculative assets. Cryptocurrency markets are particularly sensitive to monetary policy changes, with Bitcoin often serving as a barometer for institutional risk appetite. Despite the immediate selling pressure, Bitcoin's long-term fundamentals remain intact. Market analysts are watching key support and resistance levels to determine whether this pullback represents a temporary correction or signals deeper bearish sentiment. The December Fed meeting will likely prove pivotal for Bitcoin's near-term price trajectory and overall cryptocurrency market direction.