Bitcoin's price approaches the $100,000 threshold, with buyers dominating the cryptocurrency market. The Federal Reserve's decision to keep interest rates in the range of 4.25% to 4.5%, along with President Trump's major statements on tariffs, has generated significant expectations in the market. As Bitcoin continues to attract the attention of institutional investors, despite limited participation from individual investors, its current upward momentum is slowly approaching key resistance levels. Technical indicators suggest that Bitcoin may subsequently break through $125,000.
Bitcoin approaches the $100,000 threshold
Bitcoin has recently been in a continuous upward channel. The daily chart is characterized by a series of rising lows and consistently climbing peaks, indicating a stable upward trend. BTC's ability to hold above $95,000 is quickly bringing it closer to the psychological milestone of $100,000.
The Federal Reserve decided to keep interest rates unchanged at the May FOMC meeting, which was expected. However, Trump's 'major initiative' has maintained institutional investors' interest, providing additional momentum for Bitcoin. These factors have limited the participation of individual investors while paving the way for the Bitcoin uptrend driven by institutional investors.
Technical indicators and short-term goals of Bitcoin
The weekly MACD indicator is about to issue a bullish crossover signal. The decline in selling pressure suggests that momentum may return to the buyers. Meanwhile, the RSI indicator has quickly risen after reaching a bottom of 40.
Given Bitcoin's current technical outlook, if a double bottom pattern forms and the RSI indicator breaks above 50, a strong rebound may occur. A breakthrough of the key resistance level at $116,891 could see Bitcoin's price surge towards $150,000, or even as high as $200,000.
On the contrary, a pullback from $116,891 could trigger a price drop to the support level of $90,000. If the ascending wedge pattern is broken, the price may still fall below $70,000.