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Bitcoin (BTC) has gone up by 1.4% in the past 24 hours as trading volumes have surged by 23% lately despite some headwinds in the macro backdrop.
The market will be paying attention this week to the Federal Open Market Committee (FOMC) on Wednesday where a decision will be made in regard to the U.S. central bank’s federal funds rate.
Data from FedWatch indicates that the market expects no changes to rates during this meeting. However, comments from the institution’s Chairman, Jerome Powell, will be closely scrutinized as usual.
Meanwhile, tensions in the Middle East after Israel bombed key military facilities and killed top leaders of the Iranian Armed Forces pushed crypto prices lower. This ongoing armed conflict could exacerbate the market’s volatility during the week at a point when Bitcoin is trading near its all-time high.
Last week, crypto liquidations rose to as much as $1 billion in just two days as the market’s sell-off, triggered partially by this latest crisis in the Middle East, wiped out a significant volume of leveraged long positions.
Meanwhile, open interest in BTC futures recently hit an all-time of 726,450 BTC tokens but has been declining lately, possibly as traders have been spooked by this latest spike in volatility caused by geopolitical developments.
Bitcoin is still in positive territory on a year-to-date (YTD) basis with gains of 12.9%, making it one of the best cryptos to buy in the top 5 during this period as the token has been embraced as a safe haven for crypto enthusiasts during periods of significant uncertainty like this.
Bitcoin Could Drop to $101K Again If This Resistance Holds
Looking at the 4-hour chart, Bitcoin has hit a key level at $107,000 that has acted as both support and resistance in the past and has rejected a move above it in the past couple of periods.
This favors a bearish short-term outlook for the token ahead of a data-heavy week that could push it to $101,000 in the near term.
That said, BTC has found strong support at its 200-period exponential moving average (EMA) while the 9-period and 21-period EMAs have just posted a bullish ‘golden cross’ that favors a push to $110,000.
The Relative Strength Index (RSI) is in bullish territory at the time and currently stands at 55 after crossing above the 14-day moving average.
Although most technical indicators seem to favor a bullish outlook, the fact that the price is already reacting negatively upon tagging this key threshold is a warning sign as it means that selling pressure at $107K is strong.
However, the mid-term outlook for Bitcoin continues to be bullish as long as the $100,000 psychological support holds.
As the top crypto makes its way back to all-time highs, a hot crypto presale called BTC Bull Token (BTCBULL) offers investors a way to generate passive income as BTC reaches new heights.
BTC Bull Token (BTCBULL) Distributes Rewards to Token Holders Tied to BTC Price Milestones
BTC Bull Token (BTCBULL) is a meme coin that has introduced an innovative rewards mechanism tied to the performance of the top crypto.
The rewards system is quite simple. Starting at a baseline price of $100,000, a new reward will be unlocked every time BTC adds an extra $25,000.
The first milestone is set at $125,000, at which point a portion of BTCBULL’s circulating supply will be burned to foster scarcity, which should lead to an immediate price uptick.
Next up, once the top crypto reaches $150,000, token holders will receive a direct Bitcoin airdrop.
This compensation mechanism offers a way to earn passive income for investors who are certain that BTC has still a long way to in terms of price appreciation.
To buy $BTCBULL, simply head to the BTC Bull Token website and connect your wallet. You can either swap USDT or ETH for this token or use a bank card to invest.
