Bitcoin ‘ping-pong’ price action will stick until Fed FOMC and US-China deal wrap up
Bitcoin's price movement is expected to remain range-bound until the Fed's FOMC decision and the conclusion of the US-China trade talks.Summary
Bitcoin (BTC) price strength, evidenced by a 13% rise since a major sell-off, is currently stalled, requiring daily closes above $116,000 to confirm a bullish reversal. Technical resistance is strong at $116,000 on spot markets and slightly higher on futures. Data indicates that professional traders are selling rallies while retail investors are buying dips, leading to liquidations in futures. Key market drivers include the upcoming Federal Reserve FOMC meeting, where a 25 basis point rate cut is anticipated, and President Trump's meeting with President Xi Jinping regarding the US-China trade deal. Until these two major events resolve, Bitcoin is likely to continue its 'ping-pong' action, oscillating between resistance near $116,000 and support around $110,000, as traders adjust risk exposure.
(Source：Cointelegraph)