Bitcoin price continued to rise throughout the day in hopes of easing monetary conditions in the United States

Bitcoin's price continued to rise throughout the day in hopes of easing monetary conditions in the United States, with all eyes on the upcoming Federal Open Market Committee meeting

Bitcoin’s price continued to rise throughout the day in hopes of easing monetary conditions in the United States, with all eyes on the upcoming Federal Open Market Committee meeting set for later today.

As of the latest update, the total crypto market cap was up 2.3%, climbing alongside Bitcoin to reach a 9-day high of $2.87 trillion.

However, market sentiment remained in fear territory due to uncertainty over upcoming monetary decisions.

The Crypto Fear and Greed Index dropped two points from yesterday to 32; however, the market outlook seemed to be recovering, with both Bitcoin and a number of top altcoins gaining at press time.

Will Bitcoin price go up?Traders are currently awaiting the Fed’s decision, which could set the tone for Bitcoin’s next big move.

A dovish stance from Fed Chair Jerome Powell—hinting at potential rate cuts or an end to quantitative tightening—could fuel a rally past the $90,000 mark, according to analysts.

On the other hand, if the Fed sticks to its hawkish approach, Bitcoin may struggle to break out of its current consolidation range.

At the moment, the CME Group’s FedWatch tool shows a 99% probability that the Fed will keep rates steady.

While no surprises are expected in today’s announcement, traders are more focused on Powell’s tone and any clues about future policy shifts.

Analysts remain split on the impact. Markus Thielen, CEO of 10x Research, expects a “counter-trend rally” as Bitcoin appears oversold but warns that this isn’t a major bullish catalyst—just some fine-tuning from policymakers.

Meanwhile, Iliya Kalchev, analyst at Nexo, believes Powell’s remarks could be the deciding factor, noting that if the Fed signals an end to QT, risk assets like Bitcoin could surge.

While some analysts at CryptoQuant suggested that the bull cycle might be over, others believe a positive shift in Powell’s tone could send Bitcoin climbing again.

Keith Alan, co-founder of Material Indicators, pointed out that if Powell strikes a dovish tone and eases recession concerns, Bitcoin could push above its 21-day and 200-day moving averages, currently at $84,350 and $84,995, respectively.

That could help avoid what looked like an imminent death cross—a bearish technical pattern that traders usually watch closely.

But if Powell delivers bad news, Alan warned that Bitcoin could drop back to multi-month lows of $76,000.

Meanwhile, Rekt Capital is eyeing a move higher. The trader believes Bitcoin still has room to climb, with a potential CME gap filled pushing prices up to $87,000.

Bitcoin has already retested support around $78,000-$80,700, and if the current uptrend holds, a further push higher could be on the cards.

Crypto Beastlorion highlighted a build-up of short liquidations between $84,000 and $90,000 on Binance’s BTC/USDT liquidation heatmap, suggesting that Bitcoin’s recent momentum could drive prices into this zone.

A sentiment also shared by pseudonymous trader Ufo Calls.

It’s time for $BTC to take the liquidity above us now. Send it higher 📈

This move is interesting because it coincides with the completion of the 5-3 Elliott Wave structure (which I personally prefer) and the Fib Retracement levels (which many use).

It’ll be interesting to see if we get a deeper push down to the 0.236 Fib (which aligns with the 80.7K support) or if we’ll see a bounce at this 0.382 Fib level.

Either way, I think the current trend is still up and we’re expecting to see a move towards the 90K zone.

What are your thoughts?

Let me know in the comments below ✍️

#Bitcoin #BTC #ElliottWave #FibRetracement #CryptoAnalysis

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