Then, the price reversed its downward trajectory and went on to reach a new all-time high at $100,000.
The market will now set its eyes on the upcoming FOMC meeting, which is scheduled to take place on Wednesday.
Powell’s comments regarding the future of interest rates for 2026 will likely be scrutinized. The market has already priced in a 25 basis points cut for this meeting, so there should not be any surprises on that front.
Meanwhile, the majority of analysts expect a rate cut somewhere in January – March 2026. Any changes to that scenario that fully discard that possibility could deepen the correction and endanger the recovery.
On the other hand, if the dot plot stays unchanged, the price will likely reach $100,000 or higher at some point in the next few weeks.
BTC Faces Selling Pressure at $99K But Market Structure is Still Bullish
Bitcoin has made a comeback in the past few days after finding a floor at $82,000 initially and then at $85,000. The 4-hour chart shows that an uptrend has started to form, although the token experienced significant selling pressure as it approached $100,000.
Now, the price seems headed to retest the lower bound of this price channel at around $85,000 again. A rejection of the 200-period exponential moving average (EMA) catalyzed this downward move, as bearish sentiment persists.