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Crypto Daily 2025-01-29 11:06:30

Will Bitcoin (BTC) consolidate until Trump brings rates down? - Predictions and analysis

Will Bitcoin (BTC) consolidate until Trump brings rates down? - Predictions and analysis

Despite the high volatility seen in Bitcoin (BTC) over recent weeks, the price has generally continued to go sideways. Trump has said he wants a weaker dollar, and it may not be until this policy is put into effect that Bitcoin will be able to break out definitively. FOMC meeting later on Wednesday - expect volatility The Federal Reserve FOMC meeting will be held later today, and no change is expected to the current Federal Funds rate of 4.25 to 4.50 . Trump has not long been in office, and so it’s still too early to tackle the thorny issue of persuading the Federal Reserve to start cutting interest rates. On the one hand, a newly presiding President Trump has stated that he wants to change from a tightening monetary environment to a looser one that will help US business to grow. On the other hand, Fed Chairman Jerome Powell has resisted pressure. A certain amount of antagonism seems to be present between the Fed Chairman and Trump. After Trump won the election for the presidency, Powell was asked by a reporter if he would step down, to which Powell replied in the negative. The Federal Reserve is supposed to judge interest rates independently of the government, but if the Fed continues on its hawkish path, things may well come to a head. As far as the price of Bitcoin goes, a looser monetary environment is where it thrives. Therefore, until more liquidity enters the system, it may just be that the king of the cryptocurrencies continues to go sideways. That said, the Powell speech after the interest rate announcement can be more significant than a cut or hike might be. Therefore expect the $BTC price to undergo increased volatility in the lead-up to the announcement/speech, as well as afterwards. $BTC at breakout area Source: TradingView The short time frame chart for $BTC shows that the price is at a breakout area. This area is formed by the thin, $500-wide band of resistance, and the descending trendline. If the price breaks out from here, the higher high of $104,000 is the first target, and then $105,000, $106,000, and eventually a new all–time high. However, the market makers will certainly want to continue hunting down the stop losses or liquidation levels of those going long. With this in mind, a very volatile day probably lies ahead. $104,000 is the key level to hold above Source: TradingView The Fibonacci levels on the weekly chart tell a story for this current sideways move. It can be seen that the 0.786 Fibonacci has acted as resistance since the beginning of December, with seven interactions since then on the weekly time frame. Once the first weekly candle is able to open above this level, the next leap up to the 1.618 Fibonacci at $120,000 should be the next target. The Stochastic RSI at the bottom of the chart is currently shaping to cross up, which could signal the necessary upward price momentum. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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