Today, March 20, 2025, Bitcoin, the world’s largest cryptocurrency, appears to be transitioning from prolonged consolidation to significant upward movement. The Fed’s decision to hold interest rates steady has propelled BTC above a key level.
Technical Analysis and Forecast
According to expert analysis, following the March FOMC meeting, BTC breached the resistance from the 200 Exponential Moving Average on the daily timeframe. Despite the breakout, it's not yet fully confirmed whether BTC will rally or continue the consolidation. Based on recent price action and historical patterns, if BTC closes a daily candle above $85,800, it could surge to $92,600 in the coming days.
Current Price Momentum
At press time, Bitcoin is trading near $85,500, having surged over 4.50% in the past 24 hours. Meanwhile, its trading volume has jumped by 40% during the same period, indicating heightened participation from traders and investors.
Major Liquidation Areas
Following bullish price action and impressive upside momentum, traders seem optimistic about the asset, as reported by the analytics firm CoinGlass. Data reveals traders are over-leveraged at $83,400, holding nearly $920 million in long positions. Another level is $86,300 with $375 million in short positions. Combining these metrics with technical analysis, bulls dominate pushing BTC towards $90,000.
Bitcoin shows a strong growth momentum post the Fed's interest rate decision. If it continues to hold above crucial price levels, it could aim for new highs.
