The crypto markets are printing in green as Bitcoin displayed massive strength by inching close to the psychological barrier at $100k. With the latest jump, the price has reached levels close to the crucial resistance, maintaining a steep ascending trend. The recent FOMC turned out as expected, as the Fed kept the rates unchanged at 4.25% to 4.5%, but the recent remarks from U.S. President Trump have fueled the rise in the price.
The president recently said that the US is about to lock a major deal with a country and informed about a major announcement, which seems to have raised huge expectations among the institutions. As a result, with less retail involvement, the BTC price is marching towards the major resistance. Although the price is poised to surpass $100K in a short while, the rally does not seem to stop here, as the potential targets for Bitcoin lie somewhere above $125K.
The historical chart of Bitcoin hints towards the token following a consistent rise since the 2023 rebound. Unlike the 2021 bull run, where the price underwent a monstrous rally, the current upswing seems to be more calculated and progressive. The BTC price maintained a steady upswing, forming consecutive higher highs and lows while holding firmly to the ascending support. The technicals have turned bullish, hinting towards the rising potential of the token, which could elevate the levels to a new ATH.
The weekly MACD is about to undergo a bullish crossover as the selling pressure has dropped consistently. On the other hand, the RSI rebounded before marking the lows at 40 and is rising towards the upper threshold. This could complete a double-bottom pattern and a rise within the upper threshold, which may trigger a bull run. However, the crucial resistance is around $116,891 and breaking this could push the price to $150K or even above $200K. However, a rejection could cause a pullback to the support below $90,000.
The possibility of a rebound is high here, but if it fails to do so, a drop from the rising wedge may bring the Bitcoin (BTC) price to the bottom below $70,000.
