$BTC Aiming for $120,000 Supported by Hopes of Fed Rate Cuts and Market Optimism🚀🚀🚀🚀
📢Bitcoin is around the upper boundary of the previously breached consolidation zone at $108,355, ending after reaching a new all-time high of $111,999 on Wednesday. At the time of this news being written on Thursday, the price is around $111,000.
As BTC enters price discovery mode, and if the upward trend continues, the price may continue to rally towards the key psychological level of $120,000.
The Bitcoin price consolidation phase ended during the American trading session on Wednesday, reaching a new all-time high (ATH) of $111,999. This new optimism was triggered by the Fed's Minutes that day. The minutes of the Federal Open Market Committee (FOMC) meeting included several officials expressing views that interest rates may be lowered as soon as July. At the same time, the majority of policymakers continue to have concerns about inflationary pressures anticipated from the import tax implementation by U.S. President Donald Trump aimed at reshaping global trade.
The Relative Strength Index (RSI) on the daily chart reads 61, above its neutral level of 50, indicating bullish momentum. The Moving Average Convergence Divergence (MACD) indicator shows a bullish crossover at the end of June. It also shows increasing green histogram bars above its neutral zero line, implying that bullish momentum is gaining strength and continuing the upward trend.
However, if BTC faces a correction, the price may continue to decline to find support around the upper boundary of the previously breached consolidation zone at $108,355.
