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The Bitcoin price edged down a fraction of a percentage in the past 24 hours, trading at $104,694 as of 12:24 a.m. EST, with trading volume decreasing 10% to $31.2 billion.
This drop in the BTC price comes as the Federal Reserve kept a steady hand on interest rates, maintaining them at their target range of 4.25% to 4.5%.
With the central bank calling for two rate cuts this year and policymakers eyeing higher inflation, Federal Reserve (Fed) Chair Jerome Powell said that policymakers are well-positioned to wait before moving further on rates.
According to Powell, the nation will soon begin to see some effects as a result of tariffs and inflation.
In the meantime, Donald Trump continues to break with precedent and demand lower rates. Hours before the central bank announced its decision, Trump called Powell “stupid” and accurately predicted rates would be maintained.
Bitcoin Price Aims For A Breakout From Consolidation
The BTC price suggests that the market is firmly in a bullish phase.
Since bottoming out near the $66,700 level in late 2024, the Bitcoin price has established a consistent pattern of higher highs and higher lows.
This uptrend culminated in the formation of a rounded bottom, a classical accumulation and reversal pattern that mostly signals a transition from bearish to bullish sentiment.
After breaking above the $101,500 resistance level, which had previously acted as a ceiling for price action, the BTC price began consolidating in a tighter range, as GeckoTerminal data shows.
The 0.236 Fibonacci level, located around $101,579, is holding firm as immediate support. The Bitcoin price maintaining above this level is crucial in order to preserve bullish momentum.
Should that support zone give way, the next key level to watch would be the 0.382 retracement near $94,929, which aligns closely with the 50 Simple Moving Average (SMA) on the 3-day chart. This convergence of support levels would likely create a high-probability bounce zone.
BTC price is trading well above both the 50 and 200 SMAs, with the 50 SMA currently at $94,613 and the 200 SMA down at $71,575. This confirms that the broader trend remains upward.
The Relative Strength Index (RSI) is trading at 57.27. The RSI’s steady trend above the midpoint of 50 indicates ongoing bullish control, even as the Bitcoin price goes through consolidation.
BTC Price Prediction
As long as the Bitcoin price remains above the $101,500 to $100,000 support area, the outlook continues to favor the bulls.
A decisive break above $112,000 would likely open the door to a retest of the all-time high resistance near $124,600.
However, if the price of BTC were to fall below $94,000, especially with a close under the 50 SMA, that would likely signal the start of a deeper retracement to the 0.5 Fib level at $89,554.
Meanwhile, investors are piling into a new Bitcoin-themed meme coin called BTC Bull Token (BTCBULL), which will give token holders free BTC.
Jacob Crypto Bury, a prominent YouTuber with over 56.8k subscribers, says BTCBULL has the potential to soar 10X after launch.
BTC Bull Token Presale Garners Over $7.2 Million – 11 Days Left To Buy
BTC Bull Token brands itself as the official Bitcoin meme coin with real utility. Unlike most meme coins that thrive on pure hype, BTC Bull Token directly rewards holders with Bitcoin airdrops as Bitcoin’s price hits specific milestones. This system encourages long-term holding and builds a community of committed Bitcoin believers.
The first BTC reward activates when Bitcoin reaches $150,000 for the first, with subsequent airdrops for every additional $50,000 milestone the crypto achieves after that.
🚨 $BTCBULL is Live in Upcoming Tokens! 🚨@BTCBULL_TOKEN is a Bitcoin rewards-based meme token that delivers milestone-based airdrops as Bitcoin hits new price levels.
With built-in incentives for buying, holding, and trading, $BTCBULL gives holders a new way to stack BTC.… pic.twitter.com/BMzBHcLltU
— Best Wallet (@BestWalletHQ) February 10, 2025
Those milestone rewards will continue until Bitcoin reaches $250,000, where a special BTC Bull Token airdrop will take place.
To enhance scarcity and mimic Bitcoin’s limited supply, the project will also conduct periodic token burns, beginning at Bitcoin’s $125,000 milestone and continuing at every $50,000 increase in the BTC price thereafter.
That mechanism reduces BTCBULL’s supply, putting upward pressure on the BTC price.
With over $7.24 million raised, and thanks to its innovative design and reward system, investors are flocking to the ongoing BTC Bull presale.
You can purchase tokens now for $0.00257 using BNB, ETH, USDT, or a bank card and then stake them for a huge 56% annual yield.
Interested investors have around 11 days left to buy BTCBULL before its presale ends.
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Best Wallet - Diversify Your Crypto Portfolio
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