4 min readFollowing the FOMC decision yesterday, Bitcoin surged and successfully broke above its recent local range, where the range highs had been marked just below 98,000. This move appears to be a convincing breakout, with bullish momentum carrying price toward critical resistance.
On the daily time frame, Bitcoin is now testing a major resistance zone between 97,500 and 99,000. This is the final significant resistance area before the highly anticipated 100,000 psychological level comes into view. Traders will be watching this zone closely, as a confirmed break above could potentially trigger a strong continuation move.
Even though this looks like a convincing breakout on the lower time frames, it is important to note that the daily candle has not closed yet and price remains within a high time frame resistance area. A daily close above this zone would provide a stronger confirmation of bullish continuation.
On the 4-hour time frame, we can see a very clear breakout area just below 98,000. If price retraces to this level, bullish traders will be watching for a confirmed bounce as a potential signal for continuation to the upside and a possible breakout above the high time frame resistance.
Overall, Bitcoin is showing a healthy structure and has now recovered much of the downside move that occurred during the first part of this year.
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