Amidst Bitcoin‘s (BTC) recent rollercoaster ride, its price has mostly hovered sideways. Trump’s yearning for a weaker dollar may only unleash Bitcoin’s true potential once his proposed policies become a reality.
FOMC Meeting Awaited – Volatility Knocks
The Federal Reserve’s FOMC meeting is set for today, with no alterations expected to the current Federal Funds rate of 4.25 to 4.50%. A freshly inaugurated President Trump has expressed his desire for a looser monetary environment, but Federal Reserve Chairman Jerome Powell has yet to oblige. A hint of tension seems to be brewing between the two, but who will back down first?
An independent Federal Reserve is crucial, but if they persist on their hawkish path, a showdown may be inevitable. As for Bitcoin, it flourishes in a loose monetary environment. Thus, without increased liquidity, the cryptocurrency king may continue its sideways trajectory.
However, Powell’s post-announcement speech could prove more impactful than any rate change. Consequently, expect heightened volatility for the $BTC price before and after the announcement.
$BTC Teeters at a Crucial Juncture
The short-term chart for $BTC reveals a breakout area, framed by a thin, $500-wide resistance band and a descending trendline. A successful breakout could target $104,000, $105,000, $106,000, and potentially a new all-time high. But market makers will undoubtedly aim for stop losses and liquidation levels, so buckle up for a wild ride!
Defending the $104,000 Throne
Weekly Fibonacci levels suggest that the 0.786 Fibonacci has served as resistance since early December, with seven interactions on the weekly time frame. A weekly candle surpassing this level could pave the way for a leap to the 1.618 Fibonacci at $120,000. The Stochastic RSI at the chart’s base is poised to cross upwards, potentially signaling the required upward price momentum.
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2025-01-29 14:14