Key takeaways
- BTC is down 1.35% and is trading around $90,500.
- The leading cryptocurrency has stabilized ahead of tomorrow’s FOMC meeting.
BTC stays above $90k ahead of the Fed rate decision
Bitcoin began the week bullish, hitting the $93k level on Monday. However, it has lost 1% of its value in the last 24 hours and is now trading above $90k.&
The mixed performance comes as traders look forward to tomorrow’s Fed rate decision. The Federal Reserve is expected to reduce its benchmark lending rate by a minimum of 25 basis points.&
The US Personal Consumption Expenditures (PCE) Price Index, released last Friday, did little to influence expectations for further policy easing by the apex bank.&
In addition to that, institutional demand for Bitcoin-related funds shows a decline in selling pressure compared to previous weeks. Data obtained from SoSoValue revealed that S-listed spot Bitcoin ETFs recorded a mild outflow of $60.48 million on Monday.
Bitcoin’s recovery could be determined by the ETF inflow as institutions play a crucial role in boosting demand.&
Finally, Michael Saylor’s Strategy announced on Monday that it had acquired 10,624 bitcoin for $962.7 million between December 1&-7 at an average price of $90,615. Thanks to this acquisition, the company now holds 660,624 BTC, valued at $49.35 billion.&
Bitcoin could rally towards $97k
The BTC/USD 4-hour chart is bullish and efficient as Bitcoin has performed positively in recent days. The cryptocurrency faced rejection from the 61.80% Fibonacci retracement level at $94,253 last week, dropping to the $88k level during the weekend.
However, it recovered above $92k on Monday before declining to now trade above $90,500 per coin.&
If the rally continues and the daily candle closes above the $93k resistance, BTC could extend its bullish movement toward the next key resistance at $100,000.
The Relative Strength Index (RSI) on the 4-hour chart is 44, near the neutral 50 level, suggesting fading bearish momentum. However, the RSI needs to move past the neutral level if Bitcoin will surmount the $93k resistance level.&
The Moving Average Convergence Divergence (MACD) showed a bullish crossover last week, which still holds, supporting a bullish bias.
However, if the bullish recovery fails, Bitcoin could revisit the support level around the $85,569 region.
The post Bitcoin stabilizes around $90k ahead of FOMC meeting: Check forecast appeared first on CoinJournal.
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