Bitcoin Price May Stay Rangebound Ahead of FOMC as Key Resistance and Support Levels Are Monitored
Main Idea
Bitcoin price is rangebound near $118,200 ahead of the FOMC interest rate decision, with key resistance at $120,000 and support levels at $112,000 and $105,400 critical for future price direction.
Key Points
1. Bitcoin price could face a downside correction to $112,000 if key support levels fail to hold.
2. The FOMC meeting is highly anticipated, with traders cautious about Fed Chair Jerome Powell’s comments influencing market sentiment.
3. Key resistance at $120,000, if broken with high volume, could lead to a surge toward new all-time highs.
4. Critical support levels are at $112,000 and $105,400, with potential for recovery after a dip.
5. Market participants are also watching the US nonfarm payrolls report and upcoming tariff deadlines for potential impact on crypto sentiment.
Description
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