Bitcoin Bears Still Have the Edge

The market is on edge this week as everyone looks ahead to the Fed’s interest rate decision and the FOMC press conference on Wednesday. All eyes will be on Jerome Powell and what direction he hints at for the economy.

Let’s break down the Bitcoin chart:

BTCUSD (Weekly Timeframe)

Looking at the weekly chart first—as usual—we're still watching the same critical area we discussed in the previous update. The $98k zone acted as strong resistance again, and price got rejected from there. It looks like the bears are defending this level aggressively.

Right now, price remains below that key resistance, and there’s still a good chance this area becomes a weekly lower high, which would keep the bearish structure intact.

That said, there’s some strength too. As long as Bitcoin stays above the $90k level on the weekly chart, it’s still in good shape overall. That level is important because it’s where BTC broke out of the previous range and reclaimed momentum. For now, I’m looking for short-term buy setups as long as we hold above that.

$BTC usd (Daily Timeframe)

On the daily chart, Bitcoin also faced rejection from a supply zone, but the overall structure remains bullish. If we get a pullback into the $89k–91k area, either before or after the FOMC event, I think that’s a good buying opportunity. Why? Because this zone is key support on both the daily and weekly charts—a make-or-break area for bulls.

BTCUSD (4-Hour Timeframe)

The 4H chart shows a fake-out above the daily/weekly resistance zone, followed by rejection. Now, I want to see Bitcoin sweep the recent lows as long as it trades below the $96k fake-out area.

To sum it up: As long as Bitcoin holds above $89k–90k, bulls are still in control on the higher timeframes. I’m not currently in a trade, but I’m watching closely. Ideally, I’d like to see a liquidity grab and a sharp move down to shake out weak long positions—that could be a great entry point.

What are your thoughts on the market right now? Let’s discuss.