Bitcoin (BTC) price rises above $97,000 despite a pullback

The Bitcoin price is displaying a consistent rise despite a pullback from $97,700 during the early trading hours, hinting towards a rise in the bullish strength with the bulls having gained huge control over the rally, which suggests the price has just begun to go long and may set new highs soon.

The star token is yet again rising ahead of the FOMC, wherein the FED reveals its interest rate decision. The markets and the BTC price are pricing in a pause, but the real volatility is expected to trigger with Powell’s speech. The FED is expected to keep the rates unchanged; however, the tone is expected to have a major setback. As a result, the BTC piece is heating up with the momentum being upright.

However, the general behavior of BTC is a rise ahead of FOMC and reaching the local highs, followed by a rejection. Hence, the current trade setup suggests the token is set to undergo another pullback, which may drag the levels back to $95,000. The weekly chart of Bitcoin remains incremental as the price trades within a rising parallel channel. Two main technicals have turned bullish in the weekly chart, the BMSB and the CMF. The Bull Market Support Band is about to display a bullish crossover, while the weekly CMF has triggered a rebound after plunging below 0, levels not seen since July 2023. Although the volume is trying to rise, it is not able to rise above the Q1 2023 levels but has been failing to do so. As a result, the BTC price is expected to maintain a consolidated ascending trend and surpass the final resistance at $99,800, which may further push the price above $100K. Gold has been making huge headlines ever since the uncertainty across the globe has increased. The levels have risen to as high as $3,400/oz, printing massive bullish candles since the start of the year. Meanwhile, Bitcoin seems to be closing following the traditional asset after decoupling from the stock markets.

However, there is a 4-month lag between the two assets, which suggests the token may catch up in the next couple of months. However, the Bitcoin (BTC) price is known to move way faster than any other asset with shorter cycles. Hence, a rise above $100K towards a new ATH seems to be imminent.