Bitcoin Magazine Bitcoin Bulls Eye $94K Breakout Ahead of Crucial FOMC Rate Cut Decision Bitcoin Price Weekly Outlook Last week was a bit of a roller coaster ride, while bears kicked the price down to the $84,000 support level early in the week, bulls stepped in down there to rally the price up to the $94,000 resistance level. From there, the price dropped once again, just below $88,000 on Sunday morning, before seeing a small rally to close the week out at $90,429. This week, bitcoin bulls will look to the FOMC meeting on Wednesday to produce a much-anticipated rate cut to help facilitate a better investment environment for bitcoin and other assets. Climbing above $94,000 will be key for the bulls this week, if they hope to sway the market more in their favor. Key Support and Resistance Levels Now Bitcoin closed the week as a doji candle on Sunday, indicating indecision between buyers and sellers. The short-term outlook is slightly in the bulls’ favor, who will look to conquer the $94,000 resistance level. If they can establish this level as support, they will look to $101,000 as the next major resistance level, with sellers likely to begin slowing momentum down above $96,000. Beyond $101,000, we look to $104,000 and then a resistance zone between $107,000 and $110,000. Resistance gets very thick above $100,000. Looking down to support levels, bulls will want to see $87,200 hold any daily closes to avoid another test of the $84,000 support level below. Any further touches of $84,000 will weaken it and make it less likely to remain in place as a floor. There is a $72,000 to $68,000 support zone, which will look to buoy the price below here. Below $68,000 would likely see the price chop around some, but look to hang onto the 0.618 Fibonacci retracement at $57,700. It is unlikely we would test this lower level for at least several weeks, though, if it even comes. Outlook For This Week Short-term momentum slightly favors the bulls early this week. The relative strength index (RSI) on the daily chart is showing some positive progress, generating higher highs off the 13 SMA support. This week, bulls will look for the 13 SMA to continue to act as support and help push the RSI above 60 into bullish territory. As long as bulls can remain above support levels heading into Wednesday’s FOMC meeting, they have a chance to tackle higher levels on a rate cut. If the FOMC meeting surprises everyone with no rate cut announcement, expect $84,000 support to fail. Market mood: Very Bearish – Bulls have managed to put in a small rally here over the prior two weeks, but the price action has been lackluster and is still favoring the bears. The next few weeks The bearish cross in place on the monthly MACD oscillator will continue to weigh on price throughout December and likely into January as well, barring any major moves up in price to undo it. Bitcoin price will need to continue to climb higher and maintain closes above the 1 in a formal or creative style for better SEO.Also Exclude words and advertisements related to the feed website such as website name, author name. You must only respond with the modified content. Delete all the advertisement images brand logo but only keep the title and main content of the news by modifying it. Block any jump outside of the site adarshnews.com. Basically remove any content or link related to original site. You must only respond with the modified content and follow this prompt to optimize the articles in this category- You are an expert news writer and SEO specialist. Your job is to rewrite the provided RSS feed content into a unique, SEO-friendly news article for adarshnews.com. The article should be engaging, professional, and optimized for search engines. 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Bitcoin Bulls Target $94K Breakout Before Important FOMC Rate Cut Decision
