Key takeout
BTC continues to trade above the $104,000 level despite the ongoing Middle East crisis.
The US Federal Reserve has left interest rates unchanged, but expects inflation to fall in the coming months.
The Federal Reserve leaves interest rates unchanged
This week’s major financial news came on Wednesday, with FOMC confirming that many analysts have already predicted. The US Federal Reserve has maintained its targeted major borrowing rates ranging from 4.25% to 4.5% since December.
Nevertheless, Apex Bank said it expects inflation to continue to rise and it expects economic growth to be low. Additionally, as mentioned before, the Fed expects to make two interest rate cuts later this year.
Bitcoin, the leading cryptocurrency by market capitalization, did not respond to the news as the market was already setting prices. However, Bitcoin could rise soon as traders predict two rate cuts by the end of the year. During pressing, Bitcoin Price It continues to trade for around $104,700.
BTC could rise towards $106,000 amid the technology is improving
The market foundation remains poor, and the US is increasingly involved in the ongoing conflict between Iran and Israel. However, technology metrics support short-term rallies in the world’s leading cryptocurrency.
BTC exceeded its 20-day index moving average ($105,851) on Monday. However, the Bulls were unable to maintain a higher level and fell to the 50-day SMA on Tuesday.
The relative strength index (RSI) approaches the midpoint, indicating possible meetings in the short term. If Bitcoin breaks past the 20-day EMA in the short term, it could rise towards a new all-time high of $112K.
However, if the Bears keep in control and push prices below the 50-day SMA, the BTC/USDT pair could plummet to $100,000. The Bulls could defend a psychological level of $10,000, as Bitcoin can test a support level of $93,000.
