Bitcoin (BTC) Continues to Defend the $95,00 Support Zone

Bitcoin continues to defend the critical $95,000 support zone following the Federal Reserve's decision to leave interest rates unchanged.

Bitcoin (BTC) price is still holding above the critical $95,000 support zone after the Federal Reserve opted to leave interest rates unchanged.

What Happened: Bitcoin is trading above the 20-day exponential moving average (EMA) of $93,091, confirming a bullish technical structure. The next resistance level is at $97,895, and if breached, could open the door for a move toward the psychological barrier of $100,000. A successful breach of $100,000 could propel Bitcoin to $107,000.

However, a failure to hold the $95,000 support may lead to a retest of the $87,441 support level.

On the other hand, Ethereum (ETH) price is consolidating near the 50-day and 20-day EMAs, indicating reduced selling pressure. A breakout above the $1,873 resistance could push price to $1,957, then $2,111. Key support levels to watch on the downside are $1,537 and $1,368.

Related: Bitcoin Holds Key Level As FOMC Minutes Show More Rate Hikes Likely

In the short term, XRP is trading in a range between the $2 support and the resistance trendline. A breach above the trendline could open the door for a move to $3.00. On the other hand, a breakdown below $2 would expose the $1.72 to $1.61 zone.

Binance Coin (BNB) is trading above the 50-day and 20-day EMAs, which suggests that buyer have more control. Resistance levels to watch on the upside are $620 and $644, with a potential breakout target of $680. If BNB drops below $576, it could continue to fall to the $520-$500 support zone.

Solana (SOL) price is showing strength as stablecoin inflows into the network are rising and decentralized exchange volumes are increasing. Resistance at $153 could be pivotal, with a potential move to $180 and then $200 if it's breached. A move below $133 would shift the focus to the $110 support level.

Dogecoin (DOGE) price is neutral as it hovers near the 20-day and 50-day moving averages. A bullish breakout above $0.21 may lead to $0.25 and $0.28. On the other hand, breakdown support rests at $0.14.

Cardano (ADA) price remains in consolidation as it faces strong resistance at $0.75. A break above could lead to a rally toward $0.83. If the support at $0.58 fails, price could revisit $0.54 or $0.50.

Sui (SUI) price is showing resilience as it trades above the 20-day EMA at $3.14. The next resistance levels are at $3.50 and $3.90, followed by $4.25 and $5.00. Key downside levels include $2.86 and the 50-day SMA at $2.61.

Chainlink (LINK) price is holding at the 50-day SMA, which provides support at $13.66. An upside breakout above $14 could target the resistance line of the descending channel. If $13.66 fails to provide support, expect a decline toward $11.68.

Avalanche (AVAX) price is trading below the 50-day SMA, which suggests that the crypto could continue to trade in a range. A breakdown below $18.50 could send price to the $15.27 support level. On the other hand, a breakout above $23.50 may trigger a move to $28.78 and $31.73.

See More: Best Cryptocurrency Scanners 2023

FOMC Minutes: The minutes of the Federal Reserve’s meeting on Wednesday showed that a "few" members of the central bank were prepared to raise interest rates by 25 basis points at the May meeting if the economy showed signs of a strong recovery in the second quarter.

However, the majority of the members preferred to keep rates unchanged for now and closely monitor the incoming economic data. The FOMC members also discussed the possibility of further reducing the Fed’s balance sheet holdings this year.

The crypto market is showing signs of strength as major altcoins are holding key support levels and Bitcoin continues to defend the critical $95,000 zone. With