Bitcoin trading continues within the range of $117,000 to $120,000. Analysts predict significant changes in the coming days due to expected news from the Fed and the U.S. administration.
Current Situation with Bitcoin's Price
Currently, Bitcoin is trading within the range of $117,000 and $120,000 and is likely to close below $118,000. Some analysts forecast a test of the support level between $114,000 and $110,000. Technical indicators indeed support such movement.
Impact of Upcoming Events
On Wednesday, significant events are expected, including the release of FOMC minutes and the White House report on crypto policy and the strategic Bitcoin reserve. The report is anticipated to disclose the number of Bitcoins held by the U.S. government, and many traders are hopeful for further steps toward enacting an official strategic Bitcoin reserve.
What Awaits Bitcoin Post-Reports
According to observations, Bitcoin's volatility has decreased by 45% over the last three weeks, with the high-low differential narrowing to $2,300. This is typical for consolidation periods and may eventually lead to significant price movement. It is expected that FOMC minutes and potentially positive news from the White House could serve as a catalyst for an upward trend.
Thus, Bitcoin is on the verge of a possible breakout, and expectations regarding upcoming economic data and crypto policy may significantly impact its price in the coming days.
