Bitcoin Price Analysis: BTC Consolidation Persists, Here’s What Could Trigger a Breakout
Main Idea
Traders are anticipating the FOMC decision, which could impact Bitcoin's price movement, as BTC continues to trade in a tight range with low volatility.
Key Points
1. A surprise rate cut by the FOMC could act as a major catalyst, potentially triggering a sharp upward breakout for Bitcoin.
2. BTC is trading within a tight range between $116K and $123K, reflecting a temporary equilibrium between buyers and sellers.
3. The $114K level is a key support zone, maintaining Bitcoin's bullish structure, with a potential retest of $123K or correction toward $111K.
4. Bitcoin's lack of direction on lower timeframes suggests a temporary correction during an uptrend.
5. Market volume indicates cautious trading rather than excessive leverage, despite Bitcoin trading near $123K.
Description
Bitcoin remains in a tight consolidation range with muted price action, as traders await tonight’s FOMC decision. A surprise rate cut could act as a major catalyst, potentially triggering a sharp upward breakout. Technical Analysis By ShayanMarkets The Daily Chart BTC continues to trade within a tight range, showing subdued market activity and low volatility. The asset remains locked between the $116K and $123K levels, reflecting a temporary equilibrium between buyers and sellers. This sideways ...
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