Latest Situation in Bitcoin Before Fed Interest Rate Decision: The Door to $143,000 May Be Opened

Summarize content with artificial intelligence

ChatGPT



Grok

Bitcoin $114,239.93The price of is trending horizontally around $113,000 before the FOMC meeting of the US Federal Reserve (Fed) to be completed today and the interest rate decision to be announced afterwards. Currently trading at $112,637, the largest cryptocurrencyAfter encountering selling pressure around $116,000, it reacted again at the $112,500 level. Analysts agree that the bullish outlook is maintained as long as the price remains above $112,000.

According to Ali Martinez, the $120,000 Threshold Will Determine the New Target

cryptocurrency analyst Ali Martinez Bitcoin’s rise above $120,000 will open an uptrend area that could extend to $143,000. said. Based on long-term price bands created from on-chain data, the analyst noted that $120,000 is an important transition point. According to him, exceeding this level will mean a transition to a region where the price has not been traded intensively in the past and will accelerate the upward momentum.

In Martinez’s model, price bands are likened to highway lanes. After the band around $120,000 is passed, an “open space” is formed up to the upper band of $143,000. The analyst emphasized that this is not a target but an area where the market may encounter less technical resistance.

Support Zones and Market Dynamics in Balance

Another cryptocurrency analyst Michaël van de Poppe He stated that the latest pullback was a normal correction, not a trend reversal. On its medium-term chart, it showed $112,000 as support and the $115,600–116,200 range as short-term resistance. According to him, current price movements are a healthy rest period during which the market tests its bottom.

Data from intra-blockchain analysis platform Glassnode also supports this picture. The company pointed out that most investors bought around $111,000, while the selling trend increased around $117,000. While this distribution causes the price to be stuck in a narrow range, it is predicted that a clear movement outside the $ 111,000–117,000 band will determine the new direction.