Bitcoin (BTC) price update - A critical test for resistance
Bitcoin (BTC) is currently testing an important horizontal resistance level just below 94,000. This level has repeatedly formed a strong ceiling for bullish momentum. After yesterday's sudden move, the price has paused at this level, and with the Federal Open Market Committee (FOMC) meeting at 7:30 PM GMT, increased volatility is expected. 📈
The market structure around 94,000 is clear:
• **Above 94,000:** Momentum is likely to extend, putting pressure on short positions, and may lead to a quick wave towards the next liquidity level. 🚀
• **Below 94,000:** Expect to see rejection wicks and declines throughout the day as traders reduce their risks ahead of the Federal Open Market Committee announcement. 📉
Maintaining a one-hour close above this level is critical for Bitcoin (BTC) price. This confirmation would shift sentiment towards continuation. Otherwise, the market may remain in a state of reaction and chaos until the direction from the Federal Open Market Committee becomes clear. ⚖️ Alternative coins are likely to mimic Bitcoin's reaction. A breakout may indicate a shift towards major assets, while a rejection could lead to a rapid slowdown in the altcoin market.
Please follow up
