The cryptocurrency market is experiencing volatility in anticipation of the Federal Open Market Committee meeting on June 18, impacting Bitcoin's price.
Bitcoin Price Technicals
Bitcoin price has formed a triangle pattern and has continued trading within it since mid-April. The current price is $104,366.42, with a market dominance of 63.7833% and a market capitalization of $2.101 trillion.
The Stochastic Relative Strength Index (RSI) has recently dropped below the overbought level (80), indicating a negative price convergence. A short-term trend shift is expected if both averages fall below the neutral level (50).
Bollinger Bands have shown that Bitcoin price is testing its middle band as immediate support. A bearish move could lead it to retest its lower band around the $101,700 mark, indicating high volatility in the cryptocurrency market.
Future Price: $102K or $107K?
An unexpected outcome during the FOMC meeting could see Bitcoin retest the immediate resistance level of $107,218 shortly. A sustained price action around this range could result in retesting its all-time high of $111,970 this month.
Conversely, if bears continue to dominate, the price may drop towards the $102,470 mark, which is also the support of the triangle pattern. Failure to regain momentum at this level could lead to a plunge towards the $100,000 milestone or lower support at $97,380.
Conclusions and Forecasts
Current volatility in the cryptocurrency market is driven by participants' expectations regarding the outcomes of the FOMC meeting. Investors should closely monitor the developments and changes in the technical analysis, which could affect Bitcoin’s price trends in the near future.
In anticipation of the FOMC meeting, the cryptocurrency market remains under pressure. Bitcoin's price future relies on political decisions and current market dynamics.
