Bitcoin Surges Past $100K, NVIDIA Plunges, VVV Hits $1.6B

Bitcoin Rebounds to $103K, NVIDIA Plunges, VVV Hits $1.6B!

Bitcoin (BTC) has staged a remarkable comeback, surging past the $100,000 mark and reaching a new high of $103,000. This impressive rally comes amidst a backdrop of dovish signals from the Federal Reserve, which has raised expectations for potential price breakthroughs in the cryptocurrency market.

The upcoming Federal Open Market Committee (FOMC) meeting, scheduled for January 29, is being closely watched by traders and investors. Many believe that the market has already pre-adjusted to anticipated interest rate decisions, with the perception of Fed policy being crucial for Bitcoin's future trajectory.

As Bitcoin hovers near $102,000, the market awaits the FOMC meeting. A dovish stance from the Federal Reserve could reinvigorate Bitcoin's potential for new price peaks, as investors anticipate the possibility of future rate cuts.

Recent economic data, including downward trends in inflation, may influence the Federal Reserve's policy decisions. With a 99.5% probability that rates will remain unchanged at 4.25% to 4.50%, market participants are on the lookout for signs of either hawkish or dovish tones in Fed chair Jerome Powell's comments. Any indication of a dovish stance could propel Bitcoin higher, potentially surpassing key resistance levels.

Technical indicators suggest that Bitcoin may test critical support levels if the price continues to struggle. Following the sweeping of equal lows around $97,000, targets suggest a drop towards the $94,000 mark is possible, where significant untested fair value gaps exist. A breach below this level might catalyze further bearish momentum, potentially leading Bitcoin down to its prior low of ~$88,900.

Looking ahead, market analysts are assessing the possibility of a bullish turnaround, contingent upon the FOMC meeting's outcomes. The sentiment expressed by market participants suggests that there could be increased buying pressure if the meeting hints at future rate cuts. Charts indicate that a break above the descending trendline resistance at approximately $107,000 is critical for establishing higher highs and initiating a new price discovery phase above $110,