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Bitcoin has climbed an impressive 28% from its April 7 low of $74,450, reaching $95,646 as of Sunday afternoon. The uptrend has been steady, with the daily chart continuing to show a bullish structure marked by higher lows—a classic sign of strength and sustained buying pressure. However, as the market enters a high-stakes week with the Federal Reserve’s Federal Open Market Committee (FOMC) decision set for Wednesday, Bitcoin traders should remain vigilant.
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While the momentum has favored the bulls in recent weeks, Bitcoin is now approaching a cluster of critical resistance levels on higher timeframes. These zones are where profit-taking or institutional selling could potentially halt or even reverse the current upward trend. On the weekly chart, Bitcoin is also testing the bearish .62 retracement level at $96,500—an historically significant technical marker that often acts as a turning point. Additionally, with major indices hovering around important levels, a sharp reaction in risk assets could create ripples in the crypto markets.
As volatility is expected to rise around Wednesday’s FOMC announcement, let’s look at key support zones that could attract buyers during any potential retracement:
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$92,700 – Last Week’s Low: This is the nearest key level, and Bitcoin’s current price is close to it. If the cryptocurrency experiences a pullback, its reaction at this level could set the tone for the rest of the week.
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$90,000 – Psychological Round Number: Clean round numbers often act as strong levels of interest, especially in fast-moving markets. Traders might look for initial buying interest at this level.
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$88,000 – Must-Hold Weekly Level: This is the most crucial support in the current structure. A breakdown below $88,000 would shift the narrative toward weakness, potentially setting up a lower high on the weekly chart—a bearish development that could lead to further downside.
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Despite the caution warranted by looming macro events, Bitcoin’s trend on the daily chart remains bullish. If buyers maintain control and the price holds above support, two primary upside targets come into focus:
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$99,431 – February High: This level, reached on February 21, serves as a short-term bullish target. A clean break above it would reinforce the current momentum.
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$110,000 – All-Time High: Beyond short-term resistance lies the previous peak. A move back to all-time highs remains a possibility if the broader structure holds intact.
This week’s FOMC event could act as a major catalyst for Bitcoin—either as confirmation of trend continuation or the beginning of a deeper retracement. As Bitcoin presses against key resistance while macro conditions tighten, remaining responsive to how price behaves in these critical areas will be essential. Until the daily trend structure is broken, the path of least resistance appears to remain upward; however, in a week such as this, adaptability will be just as important as conviction.
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This article Bitcoin Approaches Major Technical Levels as Traders Brace for This Week’s Crucial FOMC Decision originally appeared on Benzinga.com.
