- Bitcoin hovers near a crucial resistance zone as momentum remains muted ahead of the Fed’s crypto event.
- The Federal Reserve’s upcoming crypto payments conference is expected to shape short-term sentiment in the market.
- Analysts emphasize that a breakout above the resistance zone with strong volume is key for a bullish confirmation.
Bitcoin (BTC) remains stable, with the spotlight now shifting to the Federal Reserve’s crypto payment conference. The event is likely to affect the short-term sentiment, with BTC currently moving laterally. The analysts are demanding a clear breakout above the resistance to confirm the existence of a sustainable bullish trend.
At the time of writing, Bitcoin is trading at $110,569, an increase of 3.23% over the last 24 hours. The 24-hour trading volume of BTC is $92.20 billion, with the total market capitalization standing at $2.20 trillion, reinforcing the leading position that it retains for the overall market.
Federal Reserve Hosts Bitcoin Conference
Popular crypto analyst, BITCOINLFG, highlighted that the U.S. Federal Reserve is organizing a BTC and crypto payment conference for tomorrow. This event has drawn significant attention from the crypto community, with many opining that it is an indicator that the old-school financial institutions are becoming increasingly interested in digital currencies and blockchain technology.
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Bitcoin Struggles to Break Resistance
However, another well-known analyst, Alpha Crypto Signal, presented a technical analysis for Bitcoin’s price action recently. Based on the analyst, the BTC bounced absolutely from the lower horizontal support area only to rise directly to the trendline resistance, precisely what was expected. “As I said previously, any bounce on BTC would still be a short opportunity; the same view applies,” the analyst stated.
At the moment, BTC is trading laterally, indicating no definite direction for the time being. According to analysts, the next likely short opportunity will come if BTC goes up toward the higher resistance area again. Until the price can go up above that region and gain strength with clear trading volumes, many specialists do not think that there’s a concrete reason to anticipate a significant bullish turn around yet.
With the investors keeping an eye on the Fed’s summit, all crypto enthusiasts are keeping fingers crossed for something that might happen to affect the next major BTC move.
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