Bitcoin Price Trends: Technical Levels Indicate Bullish Momentum Amidst Fed Rate Cut Speculation

Bitcoin’s price is gaining momentum as investors anticipate potential Federal Reserve interest rate cuts, leading to a renewed focus on technical levels in its charts. The 200-hour simple moving average (SMA) currently sits around $88,000, acting as a significant resistance point since the beginning of the week. This level, however, is showing signs of decreased selling pressure, potentially paving the way for an upward breakout.