Forget FOMC — Bitcoin price now has ‘plenty of room’ to reach $108K

Bitcoin (BTC) reached a crucial breakout level on Jan. 30 as BTC price action left altcoins in the dust.

BTC price action shrugs off hawkish FOMC, DeepSeek

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting $105,563 on Bitstamp, a six-day high.

Erasing the entire DeepSeek dip, Bitcoin made market participants once again hopeful of new all-time highs.

“Bitcoin structure looks flawless. It really does, from LTFs to HTFs, it really looks like it wants higher,” popular trader Castillo Trading wrote in part of a post on X.

Castillo Trading noted diverging behavior between BTC and altcoins, with the latter failing to follow its lead.

Data from CoinMarketCap confirmed that over the past seven days, Bitcoin was the only net gainer in the 15 largest cryptocurrencies by market cap, up 2.3%.

“$BTC held up well with all the turmoil, while the rest of the market had weakness,” fellow trader Pentoshi agreed. 

“Don’t see any reason we don’t get new highs soon on this at the very least. Also above the middle of the current range and acting as support.”

Crypto trader, analyst and entrepreneur Michaël van de Poppe predicted that BTC price discovery could return “in the coming weeks,” offering February as a potential target.

BTC price bullish divergences “playing out nicely”

Bitcoin’s reaction to new macroeconomic uncertainty came as something of a surprise.

Related: Bitcoin far from ‘extreme’ FOMO at above $100K BTC price — Research

At the latest meeting of the Federal Open Market Committee, or FOMC, the US Federal Reserve chose not to cut interest rates, signaling an ongoing hawkish stance in an anticipated blow to crypto and risk assets.

After an initial drop, however, BTC/USD staged a quick rebound and held higher, even as markets priced in tighter financial conditions through the end of 2025.

“Last weeks lows raided & market bid liquidity taken,” popular trader Skew summarized about BTC price action around the event.

“Confirmation of market strength would be price recovery back above $105K with momentum.”

The move higher ate through sell-side liquidity just below $104,000, with data from monitoring resource CoinGlass showing new liquidation zones appeared closer to $107,000.

“Really like what I’m seeing here as I’ve been bullish this entire range,” trader Roman continued, referring to popular leading BTC price metrics. 

“Stoch & RSI have plenty of room to break 108 resistance and head higher. We also have bull divs playing out nicely.”

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.