Powell's Remarks Weaken Crypto Market Expectations, Bitcoin Faces $80,000 Support Test

Federal Reserve Chairman Powell recently addressed the market, stating that there would be no immediate policy response to the new round of trade tariffs imposed by the Trump administration. Powell also clarified that there would be no hasty interest rate cut due to market volatility and recession expectations. This statement comes at a time when the cryptocurrency market has already been impacted by global trade war concerns and a pullback in the U.S. stock market. Powell's remarks have further weakened market expectations for a loose monetary policy, which is not conducive to short-term bullish price movements in the cryptocurrency market.

According to a Bitunix analyst, the short-term price pressure range for Bitcoin (BTC) is between $84,500 and $83,800, with short-term support at $80,000. The analyst warns that if the BTC price fails to hold above the $80,000 mark, it may enter a deeper correction zone. Traders are advised to control their positions, strictly implement stop-loss measures, and wait for the situation to further clarify. The analyst's forecast suggests that market liquidity expectations have decreased, which could lead to a re-test of the $80,000 level for BTC.