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Bitcoin’s latest rally faced a firm rejection following the Federal Open Market Committee meeting on Wednesday evening. After spiking to a daily high of $97,700, Bitcoin has retraced slightly and is currently trading at $96,300—just below a well-known rejection zone that has now held for nearly a week.

Despite this pullback, bulls still have a reason to stay optimistic. Bitcoin remains above the key swing low of $93,360, which also marks the current weekly low. Holding above this level keeps the broader bullish structure intact for now, especially in the context of a macro environment that remains largely risk-off.

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The rejection zone that traders should be paying close attention to sits between $96,900 and $97,900—a resistance area formed on May 2. This zone has now seen multiple intraday rejections, indicating strong supply and hesitancy from buyers to push price further without more favorable macro tailwinds.

Should Bitcoin successfully close above this zone on higher time frames, the next bullish price target is clearly defined at $100,185—a psychological and technical magnet that’s been eyed by bulls for weeks. Beyond that, Bitcoin would face the final hurdle of all-time highs near $110,000.

However, the market’s hesitation today wasn’t without reason. Federal Reserve Chair Jerome Powell struck a cautious tone in his press conference, saying, “We won’t make progress on our goals this year if tariffs stay.“ The comment reinforced a quantitative tightening posture, at a time when many risk asset traders were hoping for dovish clues or a pivot toward quantitative easing.

This QT-forward stance casts a cloud over high-beta assets like Bitcoin, which have historically thrived in looser monetary environments. The absence of clear dovish signals may explain why Bitcoin failed to break through resistance, despite technical momentum building earlier in the week.

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If Bitcoin continues to reject at this zone, downside levels come into play quickly. Immediate support lies at $92,846—the previous week’s low. From there, traders should monitor $91,700, a significant swing low, followed by $90,705, which marks a breakaway gap high on the four-hour chart.