Bitcoin ( $BTC ) upward momentum reignited... briefly breaks through $94,000 ahead of the Fed meeting

Bitcoin (BTC) has resumed its short-term upward momentum, breaking through $94,000 ( approximately 138.23 million KRW ). Despite the market remaining highly cautious ahead of the upcoming US Federal Open Market Committee (FOMC) meeting, Bitcoin bulls have regained dominance.

After the upward structure was broken on the 3rd, Bitcoin lost direction for several days, consolidating sideways near $93,000 ( approximately 136.8 million KRW ). This was mainly due to most traders adopting a wait-and-see stance ahead of the FOMC statement. However, on the 4th local time, Bitcoin strongly broke through $93,500 ( approximately 137.31 million KRW ), reigniting short-term bullish momentum.

This rebound is seen as a signal that the short-term Bitcoin “upward structure” has been confirmed. From a technical analysis perspective, this is because it broke through a key support line. However, liquidity indicators are flashing warning signs. The “bid-ask spread” liquidity based on buy and sell orders continues to contract, so it is still too early to say that buying pressure is strong.

This means that although the number of buyers in the current market is increasing, their scale is still insufficient. Therefore, for further short-term gains, more inflows of buying volume are needed for support.

Experts warn that while this rebound may be a positive signal for short-term traders, direction could be shaken again by the FOMC results. It is expected that signals of a Fed rate cut, rather than whether rates remain unchanged, will be the key variable affecting future market rebounds.

Article summary by TokenPost.ai

🔎 Market Interpretation

Bitcoin has resumed its short-term upward trend, but its sustainability is questionable due to insufficient liquidity. The FOMC results will be the key event determining the medium- to long-term direction.

💡 Strategy Key Points

Pay attention to the support above $93,500. It is also important to remain cautious while confirming whether the scale of buying is expanding.

📘 Terminology Explanation

Bid-ask spread liquidity: Refers to the depth between buy and sell quotes for an asset, used to gauge trading interest and liquidity levels.

FOMC: The US Federal Open Market Committee, responsible for interest rate decisions and monetary policy.

TP AI Notice

This article uses a language model based on TokenPost.ai for summarization. The main content of the body may be omitted or inconsistent with actual facts.