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Bitcoin traders are watching the Fed’s interest rates decision this week.
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BTC may surge to $126,000 in the future based on past behavior.
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Bitcoin’s price dropping to $70,000 would trigger a FUD.
Most Bitcoin traders are waiting to see how the US Federal Reserve will decide on interest rates next week before making any decisions.
Analysts believe the Fed Chair’s announcement later this week could give Bitcoin traders an idea of where the cryptocurrency is headed.
Bitcoin Price Level: What Traders should watch
TradingView data showed Bitcoin at $83,680. Analysts, however, see the area between $85 000 and $87,000 as an important liquidity zone. Due to this, the way Bitcoin behaves around this price can really affect market sentiment and determine what traders and investors do.
Many crypto users believe that Bitcoin is currently in a buying phase, especially for those who have been holding it for 3 to 6 months. Analysts predict that Bitcoin could reach $126,000 in June based on its past performance.
Related Bitcoin Price Dip Analysis: 30% drop but CryptoQuant CEO says it’s “common” in bull cycles
If it drops even further, to $70,000, it could be a crucial point. This would likely cause fear, uncertainty and doubt (FUD), in the Bitcoin market. On the other hand, if it rises above $100,000, this could trigger a FOMO among investors.
What happened to Bitcoin last week?
Bitcoin dropped below the important $80,000 level last week and fell to $76,600 – its lowest point since November 20, 2024. Although Bitcoin’s price has bounced back to above $80,000, there is still selling pressure as buyers have trouble getting the cryptocurrency price to move upwards again.
Bitcoin bulls are currently aiming to break through the 0.236 daily Fibonacci support at $84,396. If they succeed, Bitcoin will be able to break above the downward trendline of the daily chart and could see a bigger price increase.
Related to Bitcoin Price Prediction: $90K break – Dip or Rebound next?
Bitcoin’s recovery is being hampered by higher Fibonacci levels. If it can get beyond these levels, this would create the necessary buying momentum to reclaim $100,000 before potentially moving higher.
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