Bitcoin price recovery has stagnated as the focus changes on future Federal Open Market Committee interest rate decisions.
Bitcoin (BTC) was trading between $95,000 and $96,000 in the last check on Sunday. This is about 30% higher than the lowest level in April this year.
The price movement coincided with President Donald Tormo’s claim that trade talks were being held between the US and other countries, including China.
In a statement, China’s Commerce Department indicated that talks were open with the Trump administration but tariffs hindered them.
China is also planning to make a “potential fentanyl offer” since Trump frequently used drug trafficking to justify tariffs, according to the Wall Street Journal.
Future FOMC (Federal Open Market Committee) interest rate decisions will be the next important catalyst for Bitcoin prices. This sets the tone for what to expect later this year.
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Economists hope that the US Federal Reserve will maintain interest rates of 4.5%. Additionally, inflation remains rising, so authorities will remain cautious. They also hope that prices will gradually rise as Trump’s tariffs take effect.
At the same time, authorities are worried that the economy is heading for a recession. Data released last week showed the economy shrinking 0.3% in the first quarter, the worst performance since 2022.
So, as Polymerk traders expect, authorities may propose a 0.25% cut at their June meeting. This move could drive the next rise in Bitcoin prices.
Bitcoin price technology analysis
Bitcoin Price Chart | Source: crypto.news
Daily charts show that BTC prices have risen in the past few weeks, rising from a low of $74,330 to a high of $97,927. We exceeded the critical resistance level at $88,655. This is $76,665, a double bottom patterned neckline.
Bitcoin formed a mini-golden cross pattern as the 50-day and 100-day moving averages intersect each other. Top oscillators such as relative strength index and MACD indicators are all pointed upwards.
So the coin could continue to rise as the Bulls target resistance for $100,000. A break above this level refers to the highest profit ever, in line with this BTC price forecast.
read more: Stocks rush to hope for US-China trade removal
