Bitcoin, the world’s largest cryptocurrency, has been hovering below the $103,000 mark in recent days. However, with the Federal Open Market Committee (FOMC) meeting this week, there is potential for a bullish breakout that could send BTC price to new highs.

The FOMC, which is responsible for setting monetary policy in the United States, is expected to make a statement on Wednesday regarding interest rates and the economy. Many analysts believe that the committee will maintain its dovish stance, meaning they will continue to keep interest rates low and provide economic stimulus.

This dovish sentiment could have a positive impact on Bitcoin, as it is often seen as a hedge against inflation and a store of value in times of economic uncertainty. With the US economy still recovering from the effects of the pandemic, the FOMC’s decision to maintain its accommodative policies could lead to increased demand for Bitcoin.

In addition, recent comments from Federal Reserve Chair Jerome Powell have also been supportive of Bitcoin. Powell stated that cryptocurrencies are “really vehicles for speculation” and not a threat to the stability of the financial system. This acknowledgement from the head of the US central bank further solidifies Bitcoin’s legitimacy and could attract more institutional investors to the market.

Furthermore, Bitcoin’s recent price consolidation could be seen as a bullish sign, as it indicates that the market is taking a breather before potentially making a move higher. Technical indicators also suggest that BTC is in a strong position, with the 50-day moving average crossing above the 200-day moving average, a bullish signal known as a “golden cross.”

Overall, the stage is set for Bitcoin to potentially break out of its current range and reach new highs. With the FOMC meeting and dovish sentiment, along with positive comments from Powell and strong technical indicators, Bitcoin could see a surge in demand and price in the coming days. Keep an eye on the market and be ready for potential opportunities as Bitcoin continues to make its mark as a legitimate and valuable asset.