"Bitcoin on the eve of the Federal Reserve decision; further growth or return to the $110,000 range?"

Bitcoin is now in a consolidation phase after its recent surge, trading around $114,000. With the Federal Reserve meeting approaching and expectations for an interest rate cut, traders remain optimistic that the cryptocurrency’s bullish trend will continue.

According to renowned analyst Reckitt Capital, Bitcoin’s candle ended last week above the 21-week moving average (at $111,200) and key resistance at $114,500. He believes that Bitcoin is now confirming this level as new support and a price rebound from this range could pave the way for further upside.

Meanwhile, technical data shows that the Relative Strength Index (RSI) on the lower timeframe is showing positive signs of a continuation of the uptrend. However, if Bitcoin loses the $113,500 level, a correction to $110,000 is possible. Experts believe that the possible decision of the Federal Reserve to cut interest rates could be another strengthening factor for risk assets, including Bitcoin, especially in a situation where the economic growth outlook remains positive.