![](\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjUtMDQvMDE5NjQzZmQtNzg0Ny03NGY3LWI2YmYtYWQyYTlhM2UxNDM1.jpg\")
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Bitcoin\u2019s (BTC<\/a>) price failed another attempt at breaking above resistance at $86,000 on April 16 as\u00a0 Fed Chair Jerome Powell dashed hopes of early rate cuts, citing the impact of Trump\u2019s tariffs.<\/a><\/p>\n Since April 9, BTC price has formed daily candle highs between $75,000 and $86,400, but has been unable to produce a close above $86,000.<\/p>\n Many analysts and traders ask, \u201cWhere is Bitcoin price headed next?\u201d as the asset remains stuck in a tight range on the lower time frame (LTF) of the 4-hour chart.<\/p>\n Polymarket bettors say<\/a> there is an 88% chance that the current interest rates will remain between 4.25% and 4.50%, leaving just a 10% probability of a 0.25% rate cut.<\/p>\n However, a common market belief is that any bearish price action from unchanged interest rates is already priced in.<\/p>\n On April 16, US Federal Reserve Chair Jerome Powell indicated that the Fed is not rushing to cut interest rates. Speaking in Chicago, he emphasized a “wait-and-see” approach, needing more economic data before adjusting policy.\u00a0<\/p>\n Powell highlighted risks from President Trump\u2019s tariffs, which could drive inflation and slow growth, potentially creating a “challenging scenario” for the Fed\u2019s dual mandate of stable prices and maximum employment.\u00a0<\/p>\n “The level of the tariff increases announced so far is significantly larger than anticipated,” said<\/a> Powell in a speech, adding:\u00a0<\/p>\n “The same is likely to be true of the economic effects, which will include higher inflation and slower growth.”<\/p><\/blockquote>\n He stressed maintaining a restrictive policy to ensure inflation doesn\u2019t persist, suggesting any immediate rate cuts despite market volatility and tariff uncertainties.<\/p>\n Related: <\/strong><\/em>Bitcoin gold copycat move may top $150K as BTC stays ‘impressive’<\/strong><\/em><\/a><\/p>\n As a result, President Trump has threatened Powell with termination, arguing<\/a> that he is \u201calways too late and wrong\u201d and that his April 16 report was a typical and complete \u201cmess.\u201d<\/p>\n \u201cPowell\u2019s termination cannot come fast enough!\u201d<\/p><\/blockquote>\n Meanwhile, Polymarket now says<\/a> there\u2019s a 46% chance that Bitcoin\u2019s price will hit $90,000 on April 30, with less than 5% possibility of hitting new all-time highs above $110,000.<\/p>\n Bitcoin must flip the $86,000<\/a> resistance level into support to target higher highs at $90,000.<\/p>\n For this to happen, BTC\/USD must first regain its position above the 200-day exponential moving average (purple line) at $87,740. This trendline was lost on March 9 for the first time since August 2024.<\/p>\n Above that, there is a major supply zone stretching all the way to $91.240, where the 100-day SMA sits. Bulls will also have to overcome this barrier in order to increase the chances of BTC\u2019s run to $100,000.<\/p>\n Conversely, the bears will attempt to keep the $86,000 resistance in place, increasing the likelihood of new lows under $80,000. A key area of interest lies between $76,000 and the previous range lows at $74,000, i.e., the previous all-time high from March 2024<\/a>.<\/p>\n Below that, the next move would be a retest of the US election day price of $67,817, erasing all the gains made from the so-called Trump pump.<\/p>\n Onchain analyst James Check points out that Bitcoin\u2019s true bottom lies at its “true market mean” \u2014 the average cost basis for active investors \u2014 around the $65,000 area.\u00a0<\/p>\n88% chance interest rates unchanged<\/h2>\n
Key Bitcoin price levels to watch<\/h2>\n