Bitcoin Magazine Bitcoin Eyes $130,000 if Fed Signals Dovish Policy Bitcoin Price Weekly Outlook Bitcoin Price closed last week at $115,390, briefly breaching the $115,500 resistance level as it pushed into the weekend, only to dip back down and close the week out just below it. Last week produced a strong green candle for the bulls, maintaining upward momentum into this week. The U.S. Producer Price Index came in well below expectations on Wednesday morning last week, giving market bulls hope for the impending rate cut decision by the Federal Reserve. U.S. inflation data the following morning was lukewarm, however, as it registered at 2.9%, as expected, but higher than the previous month’s reading of 2.7%. The Federal Reserve will have its work cut out for it this week at Wednesday’s FOMC Meeting, where it must weigh the benefits and drawbacks of cutting or not. The market is fully expecting a 0.25% interest rate cut (as seen in Polymarket), so any hesitation now by the Fed will likely lead to a market correction. Key Support and Resistance Levels Now Entering this week, the $115,500 level is the next resistance level bitcoin will be looking to close above. $118,000 will be standing in the way above here, however. If bitcoin puts in another strong week, it is possible the price pushes above the $118,000 level intraweek only to close back below it on Sunday. We should expect sellers to step in strongly there and pressure bulls to give back some ground. If bitcoin sees any weakness this week, or a rejection from the $118,000 level, we should look down to the $113,800 level for short-term support. Below there, we have weekly support sitting at $111,000. Closing below there would likely challenge the $107,000 low. Outlook For This Week Zooming into the daily chart, bias is just slightly bearish as of Sunday’s close, after rejecting from $116,700 last Friday. This could quickly return to a bullish bias, though, if Monday’s US stock market price action resumes its bullish trend as well. The MACD is currently trying to hold above the zero line and re-establish it as support for bullish momentum to resume. Meanwhile, the RSI is dipping but remains in a bullish posture. It will look to the 13 SMA for support if selling intensifies into Tuesday. All eyes will be on Chairman Powell and the Federal Reserve on Wednesday as he speaks at 2:30 PM Eastern. With anything other than a 0.25% rate cut announcement at 2:00 PM likely to cause significant market volatility that would surely spill over into bitcoin. Market mood: Bullish, after two green weekly candles in a row — expecting the $118,000 level to be tested this week. The next few weeks Maintaining momentum above $118,000 will be key in the coming weeks if bitcoin can leap over this impending hurdle in the near future. I would expect bitcoin to continue into the $130,000s if it can establish $118,000 as support once again. Assuming the Fed low 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. 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Bitcoin could reach $130,000 if the Federal Reserve indicates a more lenient policy.
