Bitcoin displays resilience as traders await a decision from the Federal Reserve (Fed) regarding interest rates. The current price of BTC fluctuates between $115,000 and $120,000.
Bitcoin Price and Upcoming Changes
Bitcoin's price consolidation in the range of $115,000 to $120,000 is forming what analysts call a 'bullish pennant.' This pattern often leads to explosive upward moves, especially with the potential for a Fed rate cut. If the central bank decides to cut rates by even 0.25%, Bitcoin could break past $120,000 and aim for new highs.
Trading Volume and Price Support
Bitcoin has hit a key resistance zone between $119,000 and $120,500. For further growth, more buying pressure is needed. The current spot volume has dipped to $8.6 billion, indicating traders' hesitance as they await the Fed's decision. However, selling pressure is decreasing, and buy-side interest is starting to grow.
Technical Analysis and Bitcoin Outlook
Bitcoin's technical outlook is strengthening with multiple chart patterns indicating a possible breakout. Bitcoin also recently broke out of a falling wedge pattern on the four-hour chart. If the $118,300 area holds, the next targets are clear: $123,000 and then $130,000.
Despite short-term risks, Bitcoin's fundamentals remain strong. The Fed's decisions could significantly impact future price movements. Rising odds for a rate cut in the upcoming months could sustain bullish sentiment.
