Bitcoin Price Eyes Fresh Rally as U.S Government Reopening Sparks Risk-On Mood

Bitcoin price is currently trading above $105k after a week of consolidation. The cryptocurrency market shows signs of recovery, with key players like Ethereum, XRP, and Dogecoin also working to bounce back. The U.S. government is going to be reopened, and this is creating a risk-on mood. This may cause some volatility in the short run for Bitcoin, particularly with the release of some major economic data in the near future. Participants in the market are keen on possible bullish tendencies.

US House Vote Looms to End Longest Shutdown in History

The U.S. House of Representatives will vote at 7 p.m. ET today to bring to an end the longest government shutdown in U.S. history. A bill that was passed by the Senate to reopen the government will be taken into account by the lawmakers, which, according to President Donald Trump, was a very big victory.

The bill will go through the Republican-controlled House, where Speaker Mike Johnson might struggle because of the possible delays in traveling due to the shutdown.

The vote comes after a nearly two-month lawmaking recess; the last time the House was in session was September 19. Johnson, who had been under cross-examination by the Democrats because of his protracted leaves, had laid the blame on the senate to do so.

Nevertheless, the U.S GOVT shutdown has had an enormous implication, and government employees have been denied their salaries, passengers have been late, and food aid benefits have been exhausted. The current shutdown is on the 43rd day, and legislators are back to business to resolve the crisis.

Bitcoin Price Forms Falling Wedge Pattern Analyst Eyes $120k.

According to crypto analysts, the Bitcoin price is at the moment developing a Falling Wedge formation on the 4-hour chart. This technical structure indicates that Bitcoin can be in a wedge over the next couple of days, and a breakout is likely in the following week.

In case of the successful breakout, a sharp upsurge in the price of Bitcoin might be observed, perhaps to the level of $120,000. Traders are keeping a close eye on indications of this upward trend, which may represent a drastic change to the market.

Will BTC Price Hold  $105,000 Support Level?

BTC price surged to $105,045, showing a 0.52% increase in the last 24 hours. Despite the slight drop, the cryptocurrency continues to hover near the critical $105,000 mark. 

For Bitcoin to make further gains, the key resistance lies at $105,000 as the long-term BTC projection is bullish. Breakout will push past this point in the price, which may push to a price of $110,000, then the next key resistance level is at $115,000.

On the other hand, in case the price is unable to maintain itself above the price of $10,4000, there is a possibility of a reversal to $100,000.

The MACD indicator has a mixed perspective. The line of MACD has been placed higher than the signal line, and it normally indicates that there is a bullish market trend. The histogram, however, is in the negative zone, which is a light decrease in momentum.

The RSI stands at 48, which is well around the neutral. This represents the fact that the price movement of Bitcoin is fairly balanced with no overbought and oversold situations.