It’s again an FOMC day, and again Bitcoin prices have begun to consolidate ahead of the meeting, reflecting the prevailing uncertainty within the markets. The selling pressure has piled up during the last trading day, dragging the levels close to $112,000 from the intraday highs above $116,000. Although the bears have not held a tight grip over the rally, the hawkish stance of the Fed chairman could weaken the bulls. This could further cause more harm to the BTC price rally in the short term.
Bitcoin price has retraced a bit ahead of most of the FOMC meeting, which has largely resulted in a strong breakout. The token recently rebounded before hitting the lower liquidity levels around $111,000, wherein over $100 million in longs were piled up. The trade is still active, suggesting the traders still look out for an entry at this point, while they are unsure above $114,000, as more than $121 million in shorts have already accumulated around this range.
The liquidity levels suggest indecisiveness among the traders as the price remains consolidated between the piled longs and shorts. So in this case, how FOMC may impact the prevailing accumulation, as a rise above $114,000 may trigger shorts, while a drop below $111,000 could liquidate the longs.
Where Will Bitcoin (BTC) Price Head Next?
Regardless of the FOMC volatility, the BTC price largely remains within a bullish structure, a rising parallel channel. The lower-timeframe chart displays a strong rebound from support after a pullback. However, the result of the upcoming FOMC meeting could have a significant impact on the rally, which may either rise above the average zone of the parallel channel or break the support.
Bitcoin is showing immense strength in the hourly chart, validated by the recent rebound, which was much above the pivotal support zone around $110,000. We had some volume spikes, but more importantly, the hourly MACD is about to turn bullish. This suggests the buying volume is slowly superseding the bears. On the other hand, the stochastic RSI just rebounded from the oversold zone, indicating a continued rise for the new hours.
Final Take: Will FOMC Push the Bitcoin Price Above $115,000?
Bitcoin appears to be consolidating within a rising channel, with price action currently testing mid-range support near $112,500. The chart highlights a potential bounce toward the $115,000–$117,000 zone if bulls hold this level, which also aligns with the mid-channel Fibonacci retracement. However, failure to defend the support trendline and the nearby CME gap could trigger a sharp decline toward $108,000–$106,000, marking a deeper correction. The upcoming FOMC decision will likely determine which scenario unfolds.
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