Why are these key levels for Bitcoin’s price rebounding at 57K?

Bitcoin (BTC) remained close to its two-month low as the market prepared for the next macro move in the United States. BTC’s volatility calmed down ahead of the U.S. Federal Reserve’s interest rates announcement and Chair Jerome Powell’s subsequent press conference. Traders were cautious as they awaited Powell’s tone, hoping it wouldn’t be too hawkish. The odds of the Fed holding rates at their current levels were at 99%, indicating a lack of positive news. Despite the drop in Bitcoin and altcoin prices, some traders believed the worst losses had already occurred. QCP Capital mentioned Powell and the Quarterly Refunding Announcement as potential surprises for market sentiment. Bitcoin traders were monitoring important price levels after several support levels were breached. This retracement was considered “typical” within the context of a bull market. Some analysts compared Bitcoin’s potential future performance to that of gold. It’s important to note that this article does not provide investment advice and readers should conduct their own research before making any decisions.