$BTC Stay at $92,000, Ready to Face Volatility Ahead of The Fed's Decision
Analysts note that the market is currently positioned for a rate cut, pricing in a 89.4% chance of a 25 basis point cut. While the market generally expects lower interest rates, the current odds reflect the lowest pre-FOMC certainty in the market this year. This uncertainty arises from the ambiguity of The Fed Chairman Jerome Powell at the October meeting regarding the central bank's next steps, leaving significant room for volatility in Wednesday's trading session.
Bitcoin prices recovered slightly over the weekend and increased 2.82% so far this week, testing the Fibonacci retracement level of 61.80% at $94,253 (from the April low of $74,508 to the all-time high of $126,199 set in October) on Tuesday, but failed to close above it. On Wednesday, BTC traded higher, approaching this resistance level.
If BTC closes above the resistance level of $94,253, it could continue its rally towards the next major resistance at the round number of $100,000.
