Bitcoin Buy Signal Shines Ahead of Fed Rate Decision: $83K in Focus

A TD Sequential buy signal has appeared on Bitcoin's four-hour chart, sparking hopes that the cryptocurrency could soon reach $83K. The signal is significant because it has preceded price rebounds of up to 6.98% in three previous instances.

According to analyst Ali Charts, the signal formed just ahead of the Federal Reserve's rate decision. The current market consensus is that a 25-basis-point rate hike is likely, but futures pricing indicates only 7% odds of an unchanged interest rate decision.

Wealthmanager agrees that $76K is a crucial support level for Bitcoin and notes that holding this area would keep the $83K resistance target in focus. However, Symbiote's analysis suggests a wider downside zone if the current support structure fails, with a potential price drop to $72K.