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Despite the high volatility that has been seen in Bitcoin (BTC) over the last weeks, the price is generally still side. Trump said he wanted a weaker dollar, and it might not be until that policy goes into force that Bitcoin will be able to finally break out.
FOMC meeting later on Wednesday – Expect Volatility
The Federal Femc Federal Reserve Meeting will be held later today, and no changes are expected in Current Federal Funds Rate from 4.25 to 4.50. Trump has not been in power for long, so it’s still too early to solve a thorny issue of persuading federal reserves to start reducing interest rates.
On the one hand, the new President Trump said that he wanted to move from the tightened monetary environment in Labavia to help us grow. Fed Jerome Powell, on the other hand, resisted the pressure.
It seems that a certain amount of antagonism is present between President Fed and Trump. After Trump won the Presidency election, Powell asked the journalist if he would step down, to which Powell replied negatively. Federal reserves should be judged by interest rates regardless of the government, but if the Fed continues on its Falcon path, things could come on their heads.
As for the price of Bitcoin, a loose monetary environment is where it manages. Therefore, while more liquidity does not enter the system, it may only be that the King of the Crypto currency is still going aside.
Accordingly, Powell speech after an announcement of interest rates can be more significant than a reduction or trip could be. Therefore, expect the price of BTC to undergo increased volatility in the order/speech order, as well as after that.
$ Btc on the appetizer
Source: TraditionView
A short time frame chart for $ BTC shows that the price is in the piercing area. This area forms a thin, $ 500 resistance scope and a descending trend. If the price is erupted from here, higher than $ 104,000 is the first goal, followed by $ 105,000, $ 106,000, and finally the new All -time High.
However, market manufacturers will surely want to continue to hunt the stop losses or the level of liquidation of those who have been going for a long time. With that in mind, a very unstable day probably lies ahead.
$ 104,000 is a key level that can be kept above
Source: TraditionView
Fibonaccia levels on the weekly tell the story for this current move. It can be seen that the Fibonacci of 0.786 has acted as a resistance from the beginning of December, with seven interactions since then in a weekly time frame.
Once the first candle week can be opened above this level, the next jump up to 1,618 fibonaccia to $ 120,000 should be the next goal. The stochastic RSI at the bottom of the chart is currently shaped to exceed, which could signal the necessary momentum of prices.
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