Most Bitcoin (BTC) traders are reportedly holding off on their next moves, waiting to see what the US Federal Reserve decides on interest rates this week.

Data from TradingView showed Bitcoin trading at $83,680. However, analysts see the area between $85,000 and $87,000 as a key liquidity zone.

Most Bitcoin traders are reportedly holding off on their next moves, awaiting the US Federal Reserve's decision on interest rates this week.

Analysts believe that the Fed Chair’s statement later this week will give Bitcoin traders a clue about where the cryptocurrency might be headed next.

Bitcoin Price Level Traders Should Watch

Data from TradingView showed Bitcoin trading at $83,680. However, analysts see the area between $85,000 and $87,000 as a key liquidity zone. Because of this, how Bitcoin acts around this price could really impact market feelings and decide what many traders and investors do.

Right now, many crypto users think Bitcoin is in a buying opportunity phase, especially those who have held it for three to six months.

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آهنو : Bitcoin price chart by TradingView

Considering how Bitcoin has moved in the past, analysts are predicting that the main cryptocurrency could zoom to $126,000 by June.

But, if it drops further toward $70,000, that could be a critical point, as it would likely spark a lot of fear, uncertainty, and doubt (FUD) in the Bitcoin market. On the flip side, if it soars above $100,000, that could trigger a fear of missing out (FOMO) among investors.

What Happened to Bitcoin Last Week?

Bitcoin fell below the crucial $80,000 support level last week, sliding to a low of $76,600, marking its lowest point since November 2024. Although Bitcoin's price has since rebounded and is trading above $80,000 again, selling pressure is still evident as buyers struggle to push the cryptocurrency's price higher.

At the time of writing, Bitcoin bulls are aiming to clear the 0.236 daily Fibonacci resistance at $84,396. Overcoming this level would set Bitcoin up to break above the daily downward trendline, potentially paving the way for more significant price gains.

Higher Fibonacci resistance levels are presenting challenges to Bitcoin's recovery. However, if it manages to break through these levels, it could generate the necessary buying momentum to reclaim the $100,000 level before potentially advancing even further.

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