Ahead of the release of the FOMC meeting minutes and a speech from Jerome Powell, chairman of the Federal Reserve (Fed), the Bitcoin (BTC) market is showing volatility. The minutes of the meeting are scheduled for release today, followed by the speeches of several Fed officials on October 8 and Powell's speech on Thursday.

Powell is expected to discuss monetary policy, rising inflation amid a weak labor market, and economic concerns triggered by the US government shutdown.

The Impact of FOMC Minutes and Powell's Speech on Bitcoin

Bitcoin (BTC) recently fell to lows of $120,681 after hitting a new record high of $126,200. Currently, Bitcoin (BTC) is trading at $122,495, down more than 2% in the last 24 hours. Nonetheless, analysts remain optimistic about the price's upside potential following the release of the FOMC minutes and a speech from Jerome Powell.

Uncertainty arising from tighter monetary policy and the volatile global economic situation is keeping crypto investors on their toes. Powell's upcoming speech may provide further clues on the Fed's policy direction, which could have a significant impact on crypto markets, including Bitcoin (BTC).

Crypto Analysts Optimistic Despite Bitcoin Correction

The price of Bitcoin (BTC) has plummeted to $120,681 (around Rp2.02 billion) after setting a new record high of $126,200 (around Rp2.11 billion). At the time of writing, BTC is trading at around $122,495, down about 2% in the last 24 hours.

Popular analyst Michael van de Poppe believes that profit-taking is natural after Bitcoin reached an all-time high (ATH). According to him, this small decline actually opens up new opportunities for investors to buy back at the bottom price (buy the dip). He also added that this kind of pattern is common in bull markets -- every time Bitcoin sets a new record, there is a short correction before resuming the next rise.

Trend Still Bullish, Headed for Parabolic Phase?

Another analyst, CrediBULL Crypto, emphasized that Bitcoin's trend is still bullish overall. He said, "every uptick now brings us closer to a parabolic move and a potential big top." According to him, Bitcoin is still the current market leader, while many altcoins tend to be held back due to a lack of momentum boost. This shows that BTC's price movement is still the market leader in the current up cycle.

Meanwhile, analyst Ted Pillows noted strong resistance in the $125,000 area, which is an important resistance point for Bitcoin. He predicts that BTC could experience a reversal in this area due to the large support around $120,000. However, if Bitcoin's price falls through this level, selling pressure could increase and trigger a further drop towards $117,000-$118,000 (approximately Rp1.96-Rp1.98 billion).

Conclusion

With the release of the FOMC minutes and Jerome Powell's upcoming speech, the Bitcoin (BTC) market may experience significant changes. Investors and traders are advised to follow these developments closely, as they could provide important indications about the future direction of the market.