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The Bitcoin price has jumped over 2% in the last 24 hours to trade at $105,305 as of 3:30 a.m. EST on a 23% pump in trading volume to $52 billion.
This surge in the BTC price comes as Federal Reserve Chair Jerome Powell signaled that the central bank is likely to lower its key interest rate soon, citing slower economic growth and cooling inflation.
NEW: 🇺🇸 Fed Chair Jerome Powell says "it's unlikely the next rate move will be a hike."
Send it…🚀 pic.twitter.com/eLhLdCX2w6
— Radar 𝘸 Archie🚨 (@RadarHits) May 1, 2024
Speaking at the Fed’s annual summit in Jackson Hole, Wyoming, Powell emphasized that the time has come for policy to adjust. His remarks align with recent indicators of reduced price growth, a softening labor market, and weaker borrowing demand compared to pre-pandemic levels.
Bitcoin Price Continues To Trade Sideways
The BTC price is encountering resistance in the $105,000-$106,000 range, where a potential double-top pattern is forming. This is a key bearish reversal signal in technical analysis, which often occurs after a strong upward trend. If Bitcoin fails to break above this level, it could signal the exhaustion of buying momentum.
On the other hand, if buyers manage to push the price decisively above this resistance zone, it could lead to a bullish breakout, with the next target set at approximately $120,000, which represents the measured move of the prior uptrend.
BTCUSD Analysis Source: TradingView
In a bearish scenario, a rejection at the resistance level and subsequent decline could see Bitcoin fall below $100,000, a psychological and technical support zone. If this occurs, the next critical support lies near $90,000, which has served as a strong rebound level in the past.
This would align with the marked trendlines, indicating a potential shift toward a broader downtrend. The LuxAlgo trendlines highlight these key zones, providing a clear picture of support and resistance dynamics in the market.
The RSI (Relative Strength Index), currently at 59.11, reflects neutral to slightly bullish momentum. This indicates that Bitcoin has room for further upside growth before entering overbought territory. However, the RSI line has started to level off, signaling a potential slowdown in buying momentum.
Bitcoin Price At A Crossroads – Consolidation Signals Key Breakout Ahead
Additionally, the BTC chart shows a consolidation phase, with a series of higher lows supporting the price. This suggests that market participants are waiting for a clear breakout or breakdown before committing to a direction.
A bullish breakout above $106,000 would confirm renewed buying interest, potentially propelling Bitcoin to its next resistance level at $120,000. Conversely, failure to maintain the current levels and a break below $90,000 would indicate a bearish trend reversal.
The market is currently at a pivotal stage, and the next decisive move will dictate whether Bitcoin continues its bullish trajectory or enters a corrective phase. This makes the coming days crucial for traders and investors alike.
Best Wallet Presale Crashes Past $8.6 Million – Best Crypto To Buy Now!
As Bitcoin traders await confirmation of a bullish move, investors are flocking to the ongoing presale for Best Wallet (BEST), which has raised over $8.6 million, reflecting strong investor confidence in the project’s potential.
Best Wallet is a non-custodial application that offers all of the features investors need to manage, grow, and secure their crypto. Not only does the wallet offer support for over 60 blockchains and their native tokens, it also allows users to import all of their crypto wallets into a single app, making it so much easier for investors to keep an eye on their assets.
The real ones know: the best gains are made early. 👀
Check out Upcoming Tokens in Best Wallet and get ahead before everyone else does. Don’t wait until it’s trending—secure your edge now.
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— Best Wallet (@BestWalletHQ) January 29, 2025
After consolidating all of their wallets, Best Wallet users can then engage in multiple activities, including staking and swapping all within a single app to put their crypto to work for them.
Enjoy Exclusive Features And Rewards
There is also a Best Card offered within the project’s ecosystem. This means that users can spend their earnings and assets without having to first trade to a fiat currency, cash out, and wait for days for banks to clear the funds.
One of the standout features of Best Wallet is the “Upcoming Tokens” section, which shines the spotlight on emerging crypto projects with high growth potential.
The app has already flagged Pepe Unchained (PEPU) and Catslap (SLAP), which have both gone on to deliver massive returns for investors who bought in when Best Wallet first identified the cryptos.
Crypto Gains, a crypto analyst and YouTuber with over 141K subscribers, says BEST could soar 10X after its launch.
By holding BEST, Best Wallet users can benefit from reduced transaction fees, higher staking rewards, and early access to upcoming projects. Additionally, BEST holders have the opportunity to participate in the governance of Best Wallet.
Investors can purchase BEST tokens directly through a convenient widget embedded on the project’s website for $0.0238, using either cryptocurrency or a bank card.
Buy and stake BEST here to unlock access to a 205% APY.
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Best Wallet - Manage Your Crypto
- Access DeFi and Web3 Dapps Across Multiple Chains
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