What Bitcoin Chart Says About BTC Price After Powell Casts Doubt on December Cut?

Bitcoin (BTC) is showing resilience by staying above the critical $109,250 200-day Simple Moving Average (SMA) following Federal Reserve Chairman Jerome Powell's hawkish remarks that downplayed expectations for a December rate cut. However, technical indicators suggest caution for bulls, as BTC remains below the Ichimoku cloud, which is generally considered bearish for short-term trends. If Bitcoin stays below the cloud, the risk of a breakdown below the 200-day SMA increases, potentially leading to a drop below the $100,000 level, similar to what occurred in February. This downside risk is compounded by strengthening U.S. dollar signals from the dollar index and rebounding 10-year Treasury yields above 4%. For bullish confidence to be restored and further gains to be set, BTC needs a decisive break above the Ichimoku cloud resistance at $116,000.

(Source：CoinDesk)