Bitcoin was around the $30,000 level on Wednesday as volatility surged on comments from the Federal Reserve.

According to data from Cointelegraph Markets Pro and TradingView, BTC/USD was consolidating within a range in place since the end of last week.

Both Bitcoin and the Dollar had been impacted by comments from Fed Chair Jerome Powell during the Wall Street Journal’s Future of Everything Festival.

“I don’t know if financial conditions have tightened more than this in a very long time,” he told the WSJ’s chief economics correspondent, Nick Timiraos.

Powell looked to affirm rate hikes of 50-basis points would continue in future meetings of the Federal Open Markets Committee (FOMC), and may reach “neutral” levels by quarter four. That said, hikes may continue in order to further tame inflation if required.

Markets predict the target rate to be within the range of 275 and 300 basis points at the FOMC’s meeting in December, according to CME Group’s FedWatch Tool.

Yet with traditional markets already pricing in this scenario, overall volatility was restricted. BTC/USD saw a brief fall to $29,500 before recovering during Powell’s comments.

In the near future, some analysts saw ongoing relief for Bitcoin. “Did manage a nice close above the $28.8K range low as well as the $30K low which marked the initial wick down in May 2021. The next HTF resistance is the $33K area. A test of that area makes sense imo,” said trading account Daan Crypto Trades.

In addition, fellow crypto trader DonAlt highlighted on Twitter that $34,500 was a key breaker for a more bullish trajectory for the world’s largest cryptocurrency: “This is what I'm looking at, we reclaim $34.5k and I think there is good reason to be bullish towards at least $44k.”

At the time of writing, the Bitcoin price stands at $29,774.