Bitcoin Bulls Eye $94K Breakout Ahead of Crucial FOMC Rate Cut Decision

Bitcoin experienced a volatile previous week, closing at $90,429 after testing support at $84,000 and resistance near $94,000. This week, market focus is heavily on the Federal Open Market Committee (FOMC) meeting on Wednesday, where bulls hope for a rate cut to improve the investment environment. Key immediate resistance is $94,000; establishing this as support could lead to a test of $101,000, with significant resistance thickening above $100,000. Crucial short-term support is $87,200 to prevent a retest of $84,000. Technical indicators show slight bullish momentum, but the longer-term outlook remains cautious due to a bearish cross on the monthly MACD, suggesting that even if bulls succeed this week, heavy resistance near $110,000 could lead to a pullback, potentially forming a lower high on the weekly chart.

(Source：Bitcoin Magazine)