Bitcoin Surges 20% Toward $100,000 Amid Fed Rate Hold

Bitcoin's price has shown significant strength, approaching the psychological barrier of $100,000. This surge comes despite the Federal Reserve maintaining unchanged interest rates at 4.25% to 4.5%. The recent remarks from the U.S. President have fueled expectations, driving the price upward. The President hinted at a major deal with another country, raising hopes among institutions and contributing to the price increase. With less retail involvement, Bitcoin is poised to surpass $100,000 in the near future.

The potential targets for Bitcoin are estimated to be above $125,000, indicating that the rally may not stop at the current levels. The historical chart of Bitcoin shows a consistent rise since the 2023 rebound, unlike the 2021 bull run, which was characterized by a rapid and dramatic increase. The current upswing is more calculated and progressive, with the price maintaining a steady ascent and forming consecutive higher highs and lows while holding firmly to the ascending support.

Technical indicators suggest a bullish outlook for Bitcoin. The weekly MACD is on the verge of a bullish crossover, indicating a reduction in selling pressure. The RSI rebounded before marking the lows at 40 and is rising towards the upper threshold, which could complete a double-bottom pattern and trigger a bull run. However, the crucial resistance is around $116,891. Breaking this level could push the price to $150,000 or even above $200,000. Conversely, a rejection at this level could cause a pullback to support below $90,000.

There is a high possibility of a rebound, but if it fails, a drop from the rising wedge could bring the Bitcoin price to the bottom below $70,000. The recent double-bottom breakout suggests that the next phase could be explosive, with short-term gains fueled by institutional expectations. The rise in price, despite unchanged rates, hints at potential short-term gains driven by these expectations.