As the U.S. Federal Reserve's (Fed) decision on interest rates approaches, scheduled for today at 7:00 PM (Cotonou time), the Bitcoin (BTC) market is showing increased volatility. Currently, BTC is trading around $96,584, after reaching an intraday high of $97,513,$ and a low of $94,528,$ .
Current Market Trends
Resistance and Support: BTC recently tested the resistance zone of $97,700, failing to break through sustainably. Key support levels are at 94,000$ and 92,500$ .
BTC Dominance: Bitcoin's market share reaches 55.3%, a high since April 2021, indicating a shift of capital from altcoins to BTC, perceived as a safe haven in times of macroeconomic uncertainty.
Institutional Flows: U.S.-based Bitcoin ETFs recorded net inflows of over $420 million in the last 24 hours, with BlackRock's iShares Bitcoin Trust (IBIT) leading the way with over $529.5 million in inflows in a single day.
Short-Term Outlook
Investors are closely awaiting comments from Fed Chairman Jerome Powell during the scheduled press conference at 7:30 PM (Cotonou time). Although the Fed is widely expected to keep rates unchanged, any hint of a more accommodative stance could propel BTC beyond the psychological threshold of $100,000$ .
