 Bitcoin sellers wait at $104K as Fed faces Trump rates pressure at FOMC 
2025-01-29
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Bitcoin BTCUSD bulls sought to avert fresh $100,000 retests on Jan. 29 as markets awaited the US Federal Reserve’s interest rate move.
Bitcoin surfs FOMC unease
Data from Cointelegraph Markets Pro and TradingView showed $102,000 remaining at BTC price focus into the Wall Street open.
Modest volatility within a tight range saw BTCUSD dip to near the $100,000 mark into the daily close, with sellers ultimately failing to spark a deeper rout.
Market participants were broadly in “wait and see” mode on the day, however, ahead of the Fed’s next key decision on interest rates and financial policy.
The Federal Open Market Committee (FOMC) is due to announce this at 2.30 pm Eastern Time, with Chair Jerome Powell subsequently reading prepared remarks and taking a press conference.
Uncertainty accompanies the event thanks to Powell’s hawkish stance, which contrasts with the demands of US President Donald Trump.
“I'll demand that interest rates drop immediately,” Trump said during a virtual address at the World Economic Forum in Davos, Switzerland on Jan. 23. He later vowed to “put in a strong statement” with the Fed on the topic, confirming that he expected that officials would listen.
“FOMC day today. Market on edge about whether or not we'll see a rate cut or not - but Trump was very clear,” popular crypto trader Jelle commented in an X post on the day. 

The latest estimates from CME Group’s FedWatch Tool nonetheless show that market odds remain almost unanimously skewed toward a pause in rate cuts, which began in Q3 last year.
This, combined with the prospect of fewer cuts in 2025, previously pressured crypto and risk assets.
“We expect no Fed rate cut or hike, with the Fed Funds rate remaining at 4.25%-4.50%,” trading resource The Kobeissi Letter confirmed to X followers. 

BTC price gains key liquidation level
Analyzing important BTC price levels, popular trader Pierre identified the top and bottom of the current short-term range.
$96,000 must hold as support, he summarized in an X thread on the day, with a trip beyond $103,000 signaling a breakout.
“Friendly reminder that Powell’s day usually comes with several waves of volatility,” he added.
Meanwhile, data from monitoring resource CoinGlass showed strengthening ask liquidity just below $104,000 ahead of FOMC.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.