Bitcoin Retreats 3% to $95,000 Awaiting Fed Decision

Bitcoin's price has experienced a slight pullback, retreating to the $95,000 level after reaching a high of $97,895. This retracement comes as traders anticipate the Federal Reserve's upcoming interest rate decision, which is expected to influence market volatility. The 20-day exponential moving average (EMA) at $92,106 and the relative strength index (RSI) in positive territory suggest that buyers still have the upper hand. If the price rebounds from the $95,000 level, bulls may attempt to push Bitcoin towards $100,000. However, a break below the 20-day EMA could indicate a bearish reversal, potentially leading to a drop to the 50-day simple moving average (SMA) at $86,682.

Several altcoins, including Hyperliquid (HYPE), aave (AAVE), Render (RNDR), and Fetch.ai (FET), are showing bullish chart patterns in both the 4-hour and 1-day timeframes. HYPE is facing resistance at $21.50, but the upsloping 20-day EMA and RSI near the overbought zone suggest an upward trajectory. A close above $21.50 could initiate a move towards $25 and then $27.50. Conversely, a break below the 20-day EMA could lead to a decline to $17.35.

AAVE has turned positive, with bulls attempting to push the price to $196. If the price finds support at the 20-day EMA, it could rise to $220 and later to $240. However, if bears pull the price below the moving averages, it could collapse to $130. rndr is facing resistance at $4.87, but a bounce off the 20-day EMA could lead to a break above this level and a climb to $6.20. Conversely, a break below $4.22 support could result in a fall to $3.80 and then $3.55.

FET has turned down from the $0.84 resistance and reached the 20-day EMA at $0.65. A rebound from this level could push the price back to $0.84 and potentially to $1.09. However, if sellers pull the price below the 20-day EMA, it could fall to the 50-day SMA at $0.54. The overall sentiment for these altcoins remains bullish, with key support and resistance levels to watch for potential breakouts or reversals.

Bitcoin network economist Timothy Peterson has predicted that Bitcoin could surge to a new all-time high and reach a target of $135,000 in the next 100 days if certain conditions are met. Peterson believes a drop in the CBOE Volatility Index below 18 could trigger a “risk-on environment” favoring Bitcoin. The other crucial points needed for the Bitcoin rally are a fall in interest rates and a solid performance in the above-average performing months of June and July.