Bitcoin Rallies ahead of Fed Meeting

Climbing to $96,930 (BTC/USD), Bitcoin has regained a lot of the ground it lost recently, but the upcoming Fed meeting today could change things for the crypto coin. Bitcoin (BTC) fell to $93,606 this week, setting back its climb to $100K, but it looks like things are turning around for the digital currency. Over the last 24 hours, Bitcoin has shot up by 3.16%, which is one of its biggest increases in months. The anticipated resistance level for the coin is now set at $98,000, and hitting $100K will still be very difficult for the coin with all the pressure it is facing. There is immense downward pressure for the market being created by high inflation, ongoing tariffs, and the trade war, as well as a tightening global economy. The recent high levels that Bitcoin has achieved have moved up the support level to around $95,000. This means that Bitcoin is likely to stay high and grow from that higher level rather than continually fall below it. Upward pressure is being created for Bitcoin from massive whale movements, with major Bitcoin holders buying up the coin in large amounts recently. This shows their faith in Bitcoin’s long-term prospects as an investment, and that makes it easier for less committed investors to feel good about giving Bitcoin a chance. We expect that Bitcoin’s jump today is probably the largest one it will have for a while. There is nothing expected on the horizon to indicate that Bitcoin is going to make another strong upward push on that same level. The Fed meeting today is likely to end with no immediate action taken, which would mean that the crypto market is not likely to receive a push from that corner. The ongoing trade war between China and the United States will hurt Bitcoin’s prospects, at least in the short term. Investors should expect that the tariffs issued by both countries will keep Bitcoin trading from reaching its full potential. Bitcoin is nearing $97K now, and could reach $100K this week, if the upward pressure continues to build, but it is more likely to stall out before then and fall back down to its support level.