FOMC

Bitcoin

Battleground

when

Reserve

<ul class="wp-block-list">
  
 <li>Bitcoin has retraced to its monthly open at $96,865 after losing support at $104,000.</li>   
 <li>Volatility is expected to increase as traders await the next breakout.</li>   
 <li>Historical data suggests year-end trading may remain muted, with potential new highs in January.</li> 
</ul>   
<p>Bitcoin has witnessed sharp volatile price swings over the last few trading sessions erasing a significant part of the value below $104k vital support level to regain the monthly opening price. He noted that these fluctuations took place at a time when the market risks are high due to the cryptocurrency trading movement in waiting for the year-end and the macroeconomic factors.</p>   
<h2 class="wp-block-heading" id="h-seasonal-trends-and-key-support-level-at-104-000">Seasonal Trends and Key Support Level at $104,000</h2>   
<p>This price level of $104,000 has become a focus in Bitcoin trading among the traders. After some minor test of this level, BTC’s bearish pullback can be attributed to the difficulties in maintaining an upward price action in a state of heightened volatility. Experts have opined that if the <a href="https://cryptonewsland.com/is-bitcoin-preparing-for-an-exceptional-bullish-come-back/" target="_blank" rel="noreferrer noopener">Bitcoin</a> price can sustain this level then there may be a rebound. But if it fails to pull this off it is likely to experience more range-bound activity as the market heads into the holidays.</p>   
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<p>It is also important to note that December is generally a relatively thin period on the forex trading calendar due to the increased holiday season. Ahead of this, traders in Bitcoin are keenly observing how new macro policies affecting risk assets unveiled by the Federal Reserve after FOMC may unfold.</p>   
<h2 class="wp-block-heading" id="h-what-to-expect-in-the-short-term">What to Expect in the Short Term</h2>   
<p>The reasons why analysts are optimistic about it is because of the fundamentals of the market and while Bitcoin is currently retesting <a href="https://cryptonewsland.com/bitcoin-drops-as-etf-outflows-hit-680m-amid-powells-federal-reserve-comments/" target="_blank" rel="noreferrer noopener">lows</a> in the $3,300s analysts believe that this is a short term blip. These moves are expected to continue over the next few hours and days so scalp traders must not get taken out by the volatility.</p>   
<p>For now, attention will stay with Bitcoin and attempting to increase the holding of the rate around the monthly opening price after the pet grocer of $104,000 was breached. If the price can remain above this level for an extended amount of time it will be enough to provide fuel for fresh buying interest that could in turn result in completely new yearly record highs in January. Given the low and behold nature of the year-end coupled with macroeconomic forces at play, the ongoing weeks will provide a tone of Bitcon in the year 2025.</p>    
<p>The post <a href="https://cryptonewsland.com/btcs-technical-outlook/">BTC’s Technical Outlook: Is $96K the New Battleground for Bulls?</a> appeared first on <a href="https://cryptonewsland.com">Crypto News Land</a>.</p>

BTC’s Technical Outlook: Is $96K the New Battleground for Bulls?

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