Most Bitcoin traders are reportedly stifling their next move, and are waiting this week to see what the US Federal Reserve will decide on with interest rates.
Analysts believe a statement from the Fed Chairman later this week will give Bitcoin traders a clue as to where cryptocurrency is heading next.
Bitcoin price level traders should look
TradingView data showed that Bitcoin Trading was $83,680. However, analysts consider regions between $85,000 and $87,000 as the main liquidity zone. So how Bitcoin behaves at this price really affects the sentiment of the market and allows many traders and investors to decide what to do.
Today, many crypto users believe that Bitcoin is in the opportunity to purchase. Especially those who have held it for 3-6 months. Looking at how Bitcoin has acted in the past, analysts predict that by June the main cryptocurrencies could jump to $126,000.
Related: Bitcoin Price Dip Analysis: 30% drop, but Cryptoquant CEO says it’s “general” in Bull Cycle
But if it drops towards another $70,000, it could be a key point as it is likely to cause a lot of fear, uncertainty and doubt (FUD) in the Bitcoin market. On the other side, over $100,000 can cause a fear of overlooked (FOMO) among investors.
What happened to Bitcoin last week?
Bitcoin fell below its significant $80,000 support level last week to its lowest point since November 2024, $76,600.
At the time of writing, the Bitcoin Bulls’ first goal is to overcome their daily Fibonacci resistance for $84,396. If they can do that, it could set Bitcoin to surpass the daily downtrend line, leading to a bigger price increase.
Related: Bitcoin price forecast: $90,000 break – next dip or rebound?
Higher Fibonacci resistance levels make Bitcoin harder to recover. However, if you can overcome these levels, it will generate the necessary purchase momentum and regain the $100,000 level before moving potentially even higher.
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