Story Highlights
Bitcoin prices have retested after breaking the double bottom, indicating that the next stage could be an explosive phase.
Although interest rates remain unchanged, the price increase may imply a short-term rise driven by expectations from U.S. President Trump.
As Bitcoin shows strong momentum, approaching the psychological threshold of $100,000, the cryptocurrency market exhibits robust upward momentum. With the latest round of increases, Bitcoin's price is nearing a key resistance level and maintaining a strong upward trend. The recently released results from the Federal Open Market Committee (FOMC) meeting met expectations, with the Federal Reserve keeping interest rates unchanged between 4.25% and 4.5%, but recent comments from U.S. President Trump have further boosted Bitcoin prices.
The president recently stated that the United States is about to reach an important agreement with a certain country and revealed this significant news, which seems to have generated huge expectations among institutional investors. Therefore, as retail participation decreases, Bitcoin prices are advancing towards the major resistance level. Although Bitcoin prices are expected to break through $100,000 in the short term, the upward trend does not seem to stop here, as Bitcoin's potential target price is above $125,000.
The historical price chart of Bitcoin shows that since the rebound in 2023, the token has been continuously rising. Unlike the strong rebound bull market experienced in 2021, the current increase seems more planned and progressive. The BTC price has maintained a steady rise, forming consecutive higher highs and lows, while firmly holding onto the rising support level. The technical outlook has turned bullish, suggesting that the token has upward potential and may push it to new all-time highs.
With the selling pressure continuously decreasing, the weekly MACD is about to show a bullish crossover. On the other hand, the RSI has rebounded before hitting a low of 40 and is rising towards the upper limit. This may complete a double bottom pattern and rise within the upper limit, potentially triggering a bull market. However, the key resistance level is around $116,891, and breaking through this resistance could push prices up to $150,000 or even above $200,000. However, if it falls below this resistance level, it could lead to a price correction to support levels below $90,000.
The possibility of a rebound here is very high, but if it fails to rebound, the decline from the rising wedge could push Bitcoin (BTC) prices below $70,000.