10x Research: As long as Bitcoin is still below the resistance zone of 90,000-92,000 US dollars, the market may still be in the consolidation stage

PANews March 21 news, 10x Research posted on X platform that as expected, the Federal Reserve lowered its economic growth expectations and slightly slowed down the pace of balance sheet shrinkage (QT). Although this move is not as dovey as the market hopes, it still tends to be dovey. Federal Reserve Chairman Powell strengthened the tone at a post-conference press conference, stressing that the recent rise in inflation may be temporary, while long-term inflation expectations remain solid. This suggests that the Fed may remain unchanged for the next few months. The Fed has hinted that interest rate cuts are increasingly likely by acknowledging weak economic growth while downplaying inflation concerns.

Our basic view is that the Fed will keep interest rates unchanged until September, and the announced QT slowdown will provide some support. However, persistent risks may limit the upside potential of risky assets after a preliminary rebound. Traders should distinguish short-term tactical bullish layouts from more cautious medium-term prospects. As long as Bitcoin remains below the $90,000-$92,000 resistance zone (which is a major obstacle according to multiple indicators), the market may still be in a consolidation phase.

Large investors may remain on the wait-and-see sidelines before Trump is expected to announce tariffs on April 2 and the U.S. corporate earnings season begins around April 11 (major banks start to release earnings). There is little evidence that retail traders are re-entering the market or view Powell's recent dovish remarks as an opportunity to buy. Market structural indicators remain sluggish, suggesting that this rebound is unlikely to gain significant momentum or bring Bitcoin back to broader bullish sentiment.