Bitcoin’s price is hovering near $118,200 as traders brace for the Federal Open Market Committee (FOMC) meeting. With a 97.5% chance of rates holding steady, all eyes are on key levels that could determine Bitcoin’s next big move. Will it surge past $120,000 or dip below $112,000? Here’s the latest Bitcoin news today.
Bitcoin Price Stalls Ahead of FOMC Meeting
Bitcoin has been trading in a tight range near $118,200, with the $120,000 resistance level acting as a major barrier. Analysts are closely watching this level, as a breakout could propel Bitcoin toward new all-time highs near $141,000. On the flip side, failure to hold above $112,000 could trigger a correction to $105,400 or even $93,000.
Key Levels to Watch in Bitcoin News Today
- $120,000: A breakout here could attract institutional buyers and push Bitcoin to new highs.
- $112,000: A drop below this level may signal a deeper correction.
- $105,400: This is the short-term holder (STH) cost basis level, acting as secondary support.
- $93,000: A psychological threshold that could come into play if selling pressure intensifies.
FOMC Rate Decision: What to Expect
The market has priced in a 97.5% probability of the Fed maintaining rates at 4.25%-4.50%. While the decision itself may not cause major volatility, Fed Chair Jerome Powell’s remarks could sway Bitcoin’s momentum. A dovish tone could spark bullish momentum, while a hawkish stance might lead to profit-taking.
Technical Analysis and Market Sentiment
Bitcoin’s four-hour and daily charts show a consolidation phase, with volume and price action around key levels dictating next moves. Analysts like Killa and SuperBitcoinBro note that liquidity clusters between $119,800 and $121,000 could hinder upward progress. Meanwhile, a dip to $112,000 might present a buying opportunity before a potential rebound.
What’s Next for Bitcoin?
August could bring parabolic growth if the FOMC decision and subsequent economic data align with bullish expectations. However, traders should remain agile, as sharp directional shifts are possible. The interplay between macroeconomic policy and crypto sentiment will be critical in the coming weeks.
Frequently Asked Questions (FAQs)
1. What is the current Bitcoin price?
Bitcoin is trading near $118,200 as of the latest update.
2. What are the key levels to watch?
The key levels are $120,000 (resistance) and $112,000 (support). A breakout or breakdown at these levels could dictate Bitcoin’s next move.
3. How will the FOMC meeting impact Bitcoin?
While the rate decision may not cause major volatility, Fed Chair Jerome Powell’s remarks could influence Bitcoin’s momentum.
4. What happens if Bitcoin breaks $120,000?
A breakout above $120,000 could attract institutional buyers and push Bitcoin toward new all-time highs near $141,000.
5. What if Bitcoin drops below $112,000?
A drop below $112,000 could trigger a correction to $105,400 or even $93,000, depending on market sentiment.
6. Is now a good time to buy Bitcoin?
Traders should monitor key levels and Fed guidance before making decisions. A dip to $112,000 might present a buying opportunity.
