#FOMCMeeting Bitcoin Inches Closer To Golden Cross Formation

Bitcoin continues to trade within a narrow range between $92,000 and $98,000, offering limited directional cues for analysts. Still, some believe the flagship cryptocurrency may be gearing up for its next major move.

Although BTC was recently rejected near the $98,000 level, crypto analysts, such as Rekt Capital, suggest this is expected behavior. For Bitcoin to break out to new all-time highs (ATH), it must first hold support at $93,500 and decisively break above $99,000.

Should it clear this resistance, BTC could face another rejection at $104,500. However, successfully flipping the $99,000 level into support would likely pave the way for a new ATH.

Not All Analysts Are Bullish

Despite the growing optimism, not all market observers are convinced a breakout is imminent. Prominent crypto analyst Ali Martinez pointed out that the TD Sequential indicator is currently flashing a sell signal on the 3-day BTC chart – a potential sign of short-term weakness.

Adding to the mixed outlook, BTC’s open interest in the futures market is now approaching historically high levels – a trend seen in previous bull markets that has typically led to price surge. At press time, BTC trades at $94,122, down 1.5% in the past 24 hours.