The Bitcoin price plunged 3% in the last 24 hours to trade at $100,478 as of 11:07 p.m. EST on trading volume that surged 24% to $114 billion.
This comes after the Federal Open Market Committee (FOMC) meeting delivered a 25 basis point cut, as widely expected, bringing the Federal Reserve (FED) Funds interest rate into a range of 4.25% – 4.50%.
But the Fed signaled a slower pace of easing in 2025, a revised projection that was more hawkish than most pundits anticipated, and that sent the crypto market into a tailspin.
Bitcoin Price Could Continue Soaring
The daily chart for the Bitcoin price highlights a strong bullish trend, characterized by a breakout from a prolonged accumulation phase and consistent upward price movement.
A well-defined consolidation zone is visible between June and late November, marked in purple on the chart, with price oscillating between $60,000 and $70,000, according to data from Geckoterminal.
After the breakout above the $70,000 resistance in early November, the price of Bitcoin experienced a parabolic rise, peaking near $105,000. This rally formed a sharp upward trend, supported by strong bullish momentum.
Following the rally, the Bitcoin price started forming a rising channel, with higher highs and higher lows.
The 50-day Simple Moving Average (SMA) ($91,174) is sloping upward and acts as immediate support. Meanwhile, the 200-day SMA ($69,887) remains far below the BTC price, confirming a long-term bullish trend. The significant gap between the two moving averages signals strong bullish momentum.
Moreover, the Relative Strength Index (RSI) is at 55.33, indicating neutral territory after cooling off from overbought levels during the rally. This suggests that while the upward momentum has eased, Bitcoin still has room to move in either direction without being overextended.
BTCUSD Chart Analysis Source: GeckoTerminal
BTC Price Prediction
If the price of Bitcoin can hold above the 50-day SMA ($91,174), the price could break out of the rising channel to test new highs. A move above $105,000 would confirm the continuation of the bull trend, targeting $110,000 and beyond.
If the rising channel pattern plays out as a bearish reversal, the Bitcoin price may retrace toward the 50-day SMA or even revisit the previous support zone around $85,000–$90,000. Such a pullback would be healthy for the overall trend, allowing the market to cool off before the next rally.
Meanwhile, investors are still piling into the presale of Best Wallet ($BEST), which, according to ClayBro, a popular crypto analyst on YouTube with over 132K subscribers, ”Could Be The Best Crypto Wallet Of 2025.”
Best Wallet Presale Raises Over $4.9 Million
The Best Wallet public sale continues to make massive strides, having raised over $4.9 million.
As a next-generation Web3 wallet, Best Wallet delivers unmatched convenience and user-friendliness, driving impressive user growth while securing substantial funding for its native token, $BEST, which powers the entire ecosystem.
With so many new tokens emerging in the crypto market, finding the true gems can be overwhelming. Best Wallet makes it easier by highlighting the most promising projects in its “Upcoming Tokens” section.
No more missing out on early-stage #crypto projects! 💸
With Best Wallet’s Upcoming Tokens feature, you can easily browse, learn, and buy presale tokens directly from the app!
Download now! 👉 https://t.co/he5kzra7TY pic.twitter.com/ZcNZ1b6Up1
— Best Wallet (@BestWalletHQ) October 26, 2024
One example: The meme coin Catslap ($SLAP) featured on the app and surged 3,775% after launch, fortifying Best Wallet’s reputation as a go-to platform for uncovering hidden crypto gems.
Traders can also stake BEST tokens for a huge 479% annual percentage yield (APY).
$BEST is priced at $0.02325 right now. If you are interested, buy before a price hike in less than 16 hours.
Join the presale at the official BEST Token website here.
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