- Bitcoin has moved past a key resistance level after the Federal Reserve kept interest rates unchanged, signaling potential bullish momentum.
- If Bitcoin closes above $85,800 on the daily chart, analysts predict an 8% rise, possibly pushing the price to $92,600.
- Increased trading volume and high leverage positions indicate strong market activity, but volatility remains a concern.
Bitcoin is indicating solid bullish action after months of consolidation. The Federal Reserve’s move to leave interest rates unchanged during the March FOMC meeting helped spur BTC above a significant resistance level.
This has generated interest in the market, with traders and investors now observing closely whether the price will keep going up or experience another slowdown.
Bitcoin price Reaction on FOMC rate cuts
Following the FOMC meeting, Bitcoin pierced a resistance level guided by the 200-day Exponential Moving Average (EMA). Still, it remains unclear whether this breakout will materialize into a larger rally. According to analysts, if BTC closes at or above $85,800 on the daily chart, it might gain 8% and reach $92,600 in the near future.
Bitcoin is currently priced at about $85,500, having risen more than 4.5% in the last 24 hours. Together with this rise in price, trading volume has increased by 40%, reflecting greater interest from traders. The heightened activity is an indication that more investors are entering the market, most probably because of the upward price action.
Statistics also indicate that traders are highly leveraged at significant price points. Traders have taken almost $920 million of long positions at $83,400, whereas at $86,300, short traders have taken $375 million of positions. These prices may serve as points of high volatility as the market responds to such leveraged positions.
With robust on-chain evidence and technical indications in favor of the bulls, Bitcoin appears poised to capture the $90,000 level. The market, though, is uncertain, and the traders will be waiting for confirmation before anticipating a wider rally.
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