BTC recovers before interest rate announcementBitcoin (BTC/USD) – Daily Chart Analysis
Bitcoin is currently trading around the 114K–115K zone after rebounding from the ascending support trendline near 108K. This reaction confirms that buyers are still defending the broader bullish structure, but significant resistance lies ahead.
Key Observations:
Resistance Zone (117K–118K):
This area has acted as a strong supply zone in the past, where price was previously rejected twice (marked by red arrows). It also aligns with the EMA 89 and volume cluster, making it a critical barrier for bulls.
Support Zone (108K–102K):
The lower trendline and horizontal support near 102K–104K remain vital for the long-term bullish structure. A break below this region would open the door for deeper correction toward 100K.
EMA Confluence:
The short-term moving averages (EMA 34 and 89) are attempting to turn upward, suggesting early signs of recovery—but confirmation requires a daily close above 118K.
Possible Scenarios:
Bullish Case:
If BTC successfully breaks and closes above 118K, momentum could accelerate toward 127K–128K, where the upper trendline and major resistance coincide.
Bearish Case:
If price faces rejection at the 117K–118K zone, a retest of 108K, or even 102K, is likely before the next major move.
Outlook:
Bitcoin remains in a neutral-to-bullish phase short term, but traders should closely monitor the 117K–118K resistance for potential rejection or breakout confirmation.
