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The Bitcoin price rose over 2% in the last 24 hours to trade at $96,372 as of 12:22 a.m. EST, with trading volume soaring 39% to $29.2 billion.
This jump in the BTC price comes just ahead of the Federal Open Market Committee (FOMC) interest rates decision, a potential market mover that has Bitcoin investors on edge. With the Fed set to reveal whether it will stick to its hawkish tone or take a more dovish approach, all eyes are on BTC’s next move.
So, what does the near-term technical analysis suggest for BTC as traders await the FOMC decision?
Bitcoin Price Aims For A Bullish Trend Continuation
The BTC price chart on the 3-day timeframe exhibits a sustained bullish trend within a well-defined ascending channel that has been intact since late 2023.
The Bitcoin price action recently bounced strongly off the lower trendline of this channel, reclaiming the 50 Simple Moving Average (SMA) (currently around $92,597) as support.
Moreover, the 200 SMA at $66,172 remains well below the current price of Bitcoin, reinforcing the long-term bullish structure, according to GeckoTerminal data.
BTC, being around $96,372, sits just below the mid-channel area, with a recent pattern of higher lows suggesting renewed upward momentum. A significant horizontal resistance from previous highs, just above $96,000, is being retested, and a clean breakout could open the door to higher targets.
Meanwhile, the Relative Strength Index (RSI) is currently at 60.95, indicating bullish momentum but not yet in overbought territory. This level suggests there’s still room for upward movement before encountering exhaustion.
The MACD (Moving Average Convergence Divergence) has recently shown a bullish crossover with the MACD line (1,773.52) now above the signal line (1,583.33), and both are trending upward. The histogram also confirms strengthening bullish momentum, reflecting increasing buying pressure.
BTC Price Signals Surge To $110,500
Given the strong trend structure, supportive indicators, and bullish channel, the BTC price prediction leans toward further upside in the medium term.
A successful breakout above the horizontal resistance and mid-channel could propel the price of BTC toward the upper trendline, targeting the $110,500 range in the coming weeks.
However, failure to hold above the 50 SMA could invite a retest of the $85,000 support zone for the Bitcoin price.
Meanwhile, crypto investors are turning to BTC Bull Token (BTCBULL), a promising Bitcoin-themed meme coin.
YouTube channel 99Bitcoins, which boasts over 725K subscribers, predicts 10X gains for BTCBULL holders after the token launches.
BTC Bull Token Presale Racing Towards The $6 Million Mark
Behind a strong interest from smart money investors, the BTC Bull Token presale has raised over $5.38 million in short order.
The project is designed for investors who believe that Bitcoin will continue its long-term growth trajectory and hit $250k, $500k and $1 million in the near future. As Bitcoin hits these milestones, investors will earn free Bitcoin through airdrops. The amount of BTC investors will receive with each airdrop will be determined by the duration and the amount of BTCBULL held.
🚨 $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
Additionally, at every $25k increase in the BTC price, starting at $125k, the project will buyback and burn BTCBULL tokens.
BTCBULL token holders also have an opportunity to earn passively through the project’s staking platform, which offers a massive 76% annual percentage yield (APY).
Investors interested in participating in the presale can visit the official BTC Bull Token website to buy BTCBULL tokens for $0.0025 each using BNB, ETH, USDT, or a bank card.
Buy before a price hike in about 2 days to lock in the best presale rate.
Visit the BTC Bull Token website.
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Best Wallet - Diversify Your Crypto Portfolio
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