Bitcoin Drops After Powell's FOMC

Bitcoin tumbled following Federal Reserve Chair Jerome Powell's last FOMC meeting, where he dashed hopes for imminent rate cuts, sending BTC down amid broader market jitters. The announcement coincides with the MEGA token launch boasting a fully diluted valuation exceeding $2 billion, stirring volatility in the crypto space as investors digest macro pressures. This drop echoes last quarter's crypto market crash triggered by similar Fed hawkishness, raising questions on BTC price prediction amid persistent inflation signals.

From a technical confluence standpoint, BTC trades at $76,442.76 in a bearish structure, pressing against the EMA50 resistance at $76,753.60 while the EMA200 provides underlying support at $74,156.49. With MACD confirming a death cross at -350.42 and RSI neutral at 47.41, price action hugs the middle of Bollinger Bands—upper resistance at $77,808.30 looms as a potential exhaustion point, suggesting a probe toward lower support at $75,278.69 before any rebound, especially if Fed rhetoric sustains this downside momentum. This setup aligns with recent Bitcoin volatility patterns, where confluence of EMAs and bands often precedes sharp retracements in uncertain macro environments.