Price stability: BTC maintains a level of $89,100, up 0.95% as the Federal Reserve's decision approaches today.
Technical analysis: The Relative Strength Index is bullish, support at $86,000, resistance at $97,000; momentum remains neutral.
Catalysts: The Federal Reserve is expected to keep interest rates unchanged; risks of a U.S. government shutdown weaken the dollar and support BTC.
Market status
BTC is currently trading at $89,161.63, reflecting an increase of 0.95% over the past 24 hours and a massive increase of 89.7% over the past 30 days.
The 24-hour trading volume is $38.69 billion, with a total market capitalization of $1.78 trillion.
Bitcoin maintains a dominant market share of 59.3%, despite a slight decline of 0.19% over the past week.
Driving factors
There is a 97% likelihood that the Federal Reserve will keep interest rates at 3.5%-3.75% in today's Federal Open Market Committee meeting, reducing immediate volatility.
Risks of a U.S. government shutdown by January 31 have pressured the U.S. dollar index, giving a boost to Bitcoin.
Institutional adoption remains strong, with over 2,000 U.S. advisory firms now allocating significant alternative assets into Bitcoin ETPs.
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Trading strategy
Key support is firmly established at $86,000 and $88,000; defending these levels is crucial to avoid a deeper correction.
Resistance at $97,000; a breakout above this level requires a significant increase in daily trading volume exceeding $45 billion.
RSI indicators suggest a bullish accuracy of 66%, while MACD signals indicate a 55% chance of continued upward momentum.
Strategy: Consider accumulation in the $86,000-$88,000 range with a tight stop loss below $85,000, targeting a return towards $95,000.
