Key Takeaways
- Bitcoin’s price could continue at a range-bound level as speculation suggests that the FOMC meeting could determine the next move.
- Bitcoin indicators such as RSI and MACD on lower and higher timeframes suggest that prices will continue to range.
- Despite trading in a range, Bitcoin remains strong with a bull in control of price.
The dust is beginning to settle following liquidity flowing into TRUMP coin and MELANIA, leaving altcoins and Bitcoin struggling to find momentum in the past few weeks. With Trump’s Inauguration ceremony a success, the price of Bitcoin continues to struggle. It remains in a range movement around $104,000 and $109,000, and it could continue this range-bound as market sentiment for Bitcoin currently is neutral.
The price of Bitcoin saw a decent move early in the week, rallying from a region of $100,000 to a high of $109,000 ahead of the Inauguration ceremony. Many were expecting the price of Bitcoin to continue its price movement, but the price has failed on several attempts to break past the high of $109,000.
There has been speculation that the Federal Open Market Committee (FOMC) meeting scheduled for January 28-29 could prevent the price of Bitcoin from rallying high, as the outcome of this meeting would determine market reaction either to the upside or downside.
If this should be the case for Bitcoin, we could see prices remain in a range for some days. This could continue to affect the price of other altcoins, such as Solana, which looks bullish, as bulls would be looking to push the price of Solana higher.
The current price action for Bitcoin and other altcoins hasn’t been encouraging, indicating low trading volume across the market, which is affecting the general price action of many altcoins. If prices are to be traded, then an uptrend price rally for Bitcoin needs to improve.
Bitcoin 1D (Daily) Technical Analysis
On the higher and lower timeframes, the price of Bitcoin shows low volume to push the price to the upside. Bulls need to defend the price of $100,000 from going lower to a region of $95,000, as the price in the previous price action has formed liquidity around $95,000 to push the price higher.
While the price of Bitcoin remains uncertain currently, overall, the price of Bitcoin remains bullish as it is looking to make new all-time highs as it trades above its 50-day and 200-day EMAs.
Despite price ranging, bulls continue to hold their ground against bears for Bitcoin prices as there are no indications that bears control the price of Bitcoin.
