Will bitcoin and altcoins surge or crash? crypto traders watch Powell speech today

All eyes are on Federal Reserve Chair Jerome Powell, who will speak today at 12:35 PM ET at the Greater Providence Chamber of Commerce. Investors and crypto traders are watching, will Powell hints at more interest rate cuts or keeps a cautious approach.

The Fed recently cut rates by 0.25%, and Powell is expected to highlight a data-driven approach for future decisions, jobs layoffs and high inflation. Analysts say Powell may take a careful, easygoing approach, which could lead to more rate cuts if inflation falls and job numbers weaken, according to CoinPedia.

Markets are already reacting, causing short-term volatility in both traditional stocks and crypto before Powell even speaks.

Bitcoin price reaction

Bitcoin has bounced from a strong support level around 111.4K. BTC is currently testing the 113.1K resistance level. If Powell hints at more rate cuts or a soft approach, Bitcoin could rise to 114K–115.5K, says CoinPedia.

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If Powell stays neutral or cautious, BTC might drop back toward 111.4K or lower, causing short-term volatility. Traders are watching these levels closely to predict immediate market moves after the speech.

Altcoin market outlook

The altcoin market cap, excluding BTC and ETH, is testing a key trendline. If the trendline holds, altcoins could rebound and aim for their $1.16T all-time high. If the trendline breaks, altcoins may drop to $920B–$960B, increasing selling pressure across the market, says CoinPedia report.

FAQs

Q1. How will Jerome Powell’s speech affect Bitcoin today?
If Powell signals more rate cuts, Bitcoin may rise; a cautious tone could make it drop.

Q2. What could happen to altcoins after the Fed speech?
Altcoins may rebound if key support holds or fall to $920B–$960B if it breaks.