Price analysis 1/29: BTC, ETH, XRP, SOL, BNB, DOGE, ADA, LINK, AVAX, XLM
Bitcoin’s volatility is likely to pick up following Fed Chair Jerome Powell’s comments, but the potential direction of the price move remains elusive to most traders.
Bitcoin (BTC) has been maintaining above the crucial $100,000 level, awaiting the next catalyst to push it to a new all-time high above $109,588. Market participants will closely watch the tone of Fed chair Jerome Powell’s comments on Jan. 29. If Powell sounds more hawkish than his December 2024 press conference, Bitcoin may come under pressure. On the other hand, a dovish-sounding Fed may push Bitcoin higher.
Analysts believe the near-term downside risk is limited. Derive head of research Dr. Sean Dawson said in a Jan. 28 markets report that Bitcoin has a 9.2% probability of falling below $75,000 in the first quarter of the year.
Crypto market data daily view. Source: Coin360
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Author: Rakesh Upadhyay
