Bitcoin price has been consolidating between $93,410, and $97,000 for the past 7 days. As of now, traders are waiting on the FOMC meeting set for 2 p.m. ET today to know the next move. There’s a possibility that the BTC price will break above $100k following the meeting.
According to the data on CME FedWatch Tool, there’s a 97.7% chance the Fed will keep rates steady between 4.25% and 4.50%. Meanwhile, tension is rising as inflation stays sticky and rate-cut demands grow louder. But despite all this political pressure, Fed Chair Jerome Powell is expected to stick to his cautious approach.
At the time of writing, Bitcoin price is trading at $96,929, up 2.44% in the last 24 hours with a volume of $38.1 billion, according to CoinMarketCap.
Looking at the 4-hour chart, Bitcoin price recently bounced off a support zone at $93,000. Right now, the price is testing a resistance zone. If the price holds and gains strength, it could jump 5% toward $102,2500. If not, a drop to $88,772 is possible.
In a recent report on May 6, Crypto exchange Bitfinex confirmed that Bitc can hit a new all-time high only if the price manages to stay above the support level at $95,000. The exchange said “The $95,000 level—currently under consolidation—is a critical pivot point, acting as the lower boundary of a three-month range.” In short, if the price stays above this level may lead to a new all-time high, but dropping below could trigger a sharp fall.
Also Read: Strive Merges with Asset Entities, Raises $1B to Buy Bitcoin
