- Bitcoin Price is stuck in a range, with resistance to general expenses to $ 106,000 that continue to obstruct a rally adjusts to $ 112,000.
- Merchants are humorous to wait and see due to geopolitical and macroeconomic uncertainty.
Bitcoin (BTC) seems to have stopped his bull career, with the price that is consolidated within a range of approximately $ 10,000 during the last five weeks, since the maximum of all time of around $ 112000 remains a stubborn barrier.
Let’s look at some of the reasons why Bitcoin’s price remains stuck.
Bitcoin price in limbo amid geopolitical tensions
The increase in geopolitical instability in the Middle East, including the recent escalation of the conflict between Israel and Iran, has created a risk environment for investors. Traditional secure shelter assets such as gold and American treasurers have seen tickets, with the price of gold that approaches the maximum of all time earlier this week.
On the other hand, risk assets such as Bitcoin face a reduced demand, with BTC falling 3.6% from Israel’s first attack against Iran last week.
Piracy of cryptocurrency exchange based in Iran Nobitex for $ 81 million for a group of Pro-Israel computer pirates added to the winds against. This motivated political attack highlights the possible vulnerability of Bitcoin and Cryptos in geopolitical cyberguard.
Althegh Bitcoin is promoted as “digital gold”, its correlation with risk assets such as actions means that it frequently has a lower performance than duration geopolitical crises. This macro backdrop has stifled Bitcoin’s ability to meet with new maximums of all time.
Bitcoin cools like fed sheet rates unchanged
The decision of the Federal Open Market Committee of the USA (FOMC) On June 18 to Mintain the interest rates of 4.25% –4.50% have the bitcoin bunder impulse. The cautious posture of the Fed, driven by persistent inflation (central PCE to 2.8%) and concerns about price -induced price pressures under the policies of President Donald Trump, has reduced the expectations of cuts in 2025.
The updated “DOT plot” of the FOMC now projects only two cuts of 25 base points by 2025, below four previously, with market prices in just 58.4% possibilities of a cut in September, according to the Fedwatch tool of CME Group.
This restrictive monetary policy strengthens the US dollar, pressing risk assets such as Bitcoin. Combined with geopolitical tensions, circumstances under what the United States Federal Reserve is fighting inflation are extraordinary, according to commentators.
“This is not an ordinary inflation fight,” said the Cryptographic Trade Firm based in Singapore QCP Capital in a June 18 telegram note.
“Our base case is that the Fed can adopt a more cautious tone in its September, indicating a unique rate cut by 2025, in contrast to market prices,” the firm explained, added:
Key Trends Pin lines BTC price
The price of Bitcoin is trapped below the simple mobile average (SMA) of 100 periods to $ 106,000, the 50 SMA at $ 106,040 and 200 SMA at $ 106,400, which acts as a significant resistance as shown in the table below.
This convergence has compressed the price action in a narrow range between $ 103,600 and $ 105,500 since June 17, with mobile averages that repeatedly reject attempts to exceed $ 106000.
Cointelegraph reported that a break above mobile averages could push the highest BTC/USD to face resistance from the maximum of all $ 112000.
The relative force index, or RSI, is approaching the midline in 46, indicating market indecision, while the low commercial volume in exchanges such as Binance underlines the lack of conviction.
In addition, the Crusade of the SMA of 50 periods below the SMA of 100 periods within the four -hour time frame indicates the short -term impulse.
This technical configuration could bitcoin of profits the necessary impulse to move higher and challenge $ 112,000, keeping it in consolidation.
However, in the short term, BTC Price could see a brief tight of favorable conditions in the derivative market.
