Bitcoin’s (BTC) price failed another attempt at breaking above resistance at $86,000 on April 16 as Fed Chair Jerome Powell dashed hopes of early rate cuts, citing the impact of Trump’s tariffs.
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.
BTC/USD daily chart. Source: Cointelegraph/TradingView
Many analysts and traders ask, “Where is Bitcoin price headed next?” as the asset remains stuck in a tight range on the lower time frame (LTF) of the 4-hour chart.
88% chance interest rates unchanged
Polymarket bettors say 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.
Interest rate expectations. Source: Polymarket
However, a common market belief is that