Forget FOMC — Bitcoin price now has 'plenty of room' to reach $108K
Bitcoin reached a significant breakout level on January 30, hitting a six-day high of $105,563 on Bitstamp. Despite a hawkish Federal Open Market Committee (FOMC) meeting, which did not cut interest rates, Bitcoin showed resilience and prompted optimism for new all-time highs. Popular trader Castillo Trading noted a robust structure indicating Bitcoin’s potential for further gains. Over the past week, Bitcoin was the only gainer among the top 15 cryptocurrencies, demonstrating strength while altcoins lagged. Analysts forecast a potential return to price discovery for Bitcoin in February, with bullish signals emerging from key technical indicators. The initial drop in response to the Fed's decision was quickly reversed, allowing BTC to recover above critical resistance levels. Traders observe substantial liquidity zones appearing around $107,000, reinforcing the outlook for upward momentum in the near term. Bitcoin's ongoing bullish divergences in analytics suggest it is well-positioned to surpass $108,000 soon.
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