Bitcoin has hit a four-week high above $117,000, with a 100% chance of Federal interest rate cuts today. Odds of a 25 bps cut at the FOMC meeting are 96%, while the chance of a 50 bps reduction is 4%. Traders expect volatility, with a focus on Fed Chair Powell’s post-meeting speech.

Market odds for a three-cut path by year-end are building. Traders are watching for any shift in Powell’s tone at the FOMC news conference. Analysts suggest that BTC price could rise to $118,000 before retracing post-FOMC decision. Flipping resistance at $118,000 is crucial for further gains towards all-time highs.

Resistance around $118,000 is a critical level for Bitcoin. Breaking it could lead to a run-up towards $120,000 and potentially to the all-time highs at $124,500. Key support areas are between $116,800 and $114,500, with a potential retest of $112,000. Traders are advised to conduct their own research before making investment decisions.

Read more at Coin Telegraph: Watch These Bitcoin Price Levels Ahead of Fed Chair Powell’s Speech