Key Takeaways
- Bitcoin remains below $110,000, struggling to surpass key resistance.
- FOMC meeting expected to trigger volatility, with rates likely unchanged.
- Institutional accumulation and ETF inflows continue to support Bitcoin.
According to Cointelegraph, Bitcoin has failed to break above the $110,000 resistance level, facing continued selling pressure since June 5.
The next major resistance remains at $112,000, a level not surpassed in recent weeks.
The Federal Open Market Committee (FOMC) meeting on Tuesday and Wednesday is expected to fuel volatility, with the policy decision due Wednesday at 2:00 pm ET.
Interest rates unlikely to change
The CME FedWatch tool shows a 99.9% probability that interest rates will remain between 4.25% and 4.50%, with only a 0.1% chance of a rate cut.
Cointelegraph notes that traders are now focused on Fed Chair Jerome Powell’s post-meeting comments for any dovish signals.
Swissblock, a private wealth manager, told Cointelegraph that dovish language from Powell combined with easing geopolitical tensions could drive Bitcoin higher, stating:
“With negative funding, it’s the bears who are now overexposed, … and that opens the door for a potential squeeze.”
Key support and resistance levels
Cointelegraph highlights that Bitcoin must reclaim $108,000 and convert $112,000 into support for further gains.
Key support lies at $104,000 (50-day SMA), $102,800, and the psychological $100,000 level, with further support at $95,800 and $94,600 (100- and 200-day SMAs).
Liquidity clusters are concentrated near $112,000 and $114,000, while major bid support is building around $100,000 and $92,000–$93,000.
QCP, a trading firm cited by Cointelegraph, attributes Bitcoin’s resilience to institutional buying, including steady inflows into spot Bitcoin ETFs and purchases by firms like Metaplanet.
