The recovery of the Bitcoin price has slowed as attention shifts to the upcoming Federal Open Market Committee decision on interest rates.
At the last check on Sunday, Bitcoin (BTC) was trading between $95,000 and $96,000. This is approximately 30% above its low in April of this year.
The price change coincided with President Donald Trump's statements that trade negotiations between the U.S. and other countries, including China, are ongoing.
In a statement, the Chinese Ministry of Commerce said it is ready to negotiate with the Trump administration, but tariffs are hindering those talks.
According to the Wall Street Journal, China is also planning to make a 'potential offer on fentanyl,' as Trump has often used drug trade to justify tariffs.
The upcoming FOMC (Federal Open Market Committee) interest rate decision will be the next key catalyst for the price of Bitcoin. It will set the tone for what to expect in the second half of the year.
You may also like: Top 3 reasons why the price of Bitcoin will rise to a new all-time high
Economists expect the U.S. Federal Reserve to keep interest rates at 4.5%. Officials will also maintain a cautious tone as inflation remains high. They also anticipate gradual price increases as Trump's tariffs take effect.
At the same time, officials are concerned that the economy may be approaching recession. Data released last week showed that in the first quarter, the economy shrank by 0.3%, the worst figure since 2022.
Thus, officials may still propose a 0.25% cut at the June meeting, as traders at Polymarket expect. This move is likely to spur the next rise in Bitcoin prices.
Technical analysis of Bitcoin price
Bitcoin price chart | Source: crypto.news
The daily chart shows that in the past few weeks, the price of BTC has risen from a low of $74,330 to a high of $97,927. It has surpassed a significant resistance level at $88,655, as well as the neckline of the 'double bottom' pattern at $76,665.
Bitcoin has formed a mini-pattern of a 'golden cross' as the 50-day and 100-day moving averages crossed each other. Key oscillators such as the relative strength index and MACD indicators indicate growth.
Thus, the coin is likely to continue rising as bulls aim for resistance at $100,000. A breakthrough above this level would indicate further growth, potentially reaching a record high of $109,300, according to this BTC price forecast.
