Amid the market\u2019s momentary pause, Bitcoin (BTC) has seen a 2% price drop in the past 24 hours. The largest cryptocurrency by market capitalization has been hovering between key resistance and support levels, with some analysts suggesting that volatility could be in BTC\u2019s short-term future.<\/p>\n
On Wednesday, Bitcoin, alongside the rest of the crypto market, saw a small retrace ahead of the Federal Open Market Committee (FOMC) release of the May 6 and 7 Meeting Minutes.<\/p>\n
The flagship cryptocurrency dropped<\/a> 2.7% from the $110,000 Daily Opening to a multi-day low of $107,107, suggesting a cautious approach from investors.<\/p>\n Notably, Bitcoin has seen a significant 15% rally over the past month, hitting a new all-time high (ATH) of $111,953 nearly a week ago, and recovering around 50% from April lows.<\/p>\n Since reaching its new ATH, Bitcoin has moved sideways, trading between the $106,800-$109,700 levels.<\/p>\n Despite the small retracement, analyst Crypto Jelle considers<\/a> that Bitcoin\u2019s trend into price discovery remains \u201cintact,\u201d pointing out that price has been consolidating above the previous highs.<\/p>\n Per the chart, the cryptocurrency is currently forming a symmetrical triangle pattern in the lower timeframes, with the upper boundary sitting between the $109,00-$110,000 mark.<\/p>\n To Jelle, the cryptocurrency is \u201cbuilding pressure for the next leg higher,\u201d with a breakout propelling the cryptocurrency to another 30% rally.<\/p>\n The analyst previously<\/a> highlighted a Power of 3 (Po3) formation in BTC\u2019s chart, suggesting that its price expansion targets the $140,000-$150,000 level after reclaiming the new ATH resistance.<\/p>\n Ali Martinez stated<\/a> that BTC remains \u201crange-bound\u201d despite today\u2019s price drop, but added that the range\u2019s low is the key level to watch. He warned that a breakdown below the $106,800 support could trigger increased volatility, which might send BTC\u2019s price to lower levels.<\/p>\n Titan of Crypto also affirmed<\/a> that Bitcoin currently sits at a key level. According to the market watcher\u2019s analysis, BTC is \u201cstill hovering around the daily Tenkan,\u201d which is the level to watch during the potential volatility from the FOMC Minutes.<\/p>\n A breakdown from this support zone could send the cryptocurrency\u2019s price to the next key support at around the $102,700 mark. On the contrary, holding the current levels could set the stage for a new retest of the range\u2019s upper boundary.<\/p>\nBTC Retest To Trigger Volatility?<\/h2>\n