Journalist
Posted:
Important collection restaurants
How did Bitcoin respond to the US Federal Reserve Cut News?
Bitcoin fell shortly to $ 114.7k, a fall of 1.77% for the day, but bounced to $ 116.5K by the end on September 17.
Should traders expect BTC to be higher now?
The volatility is expected to continue to exist until the local resistance of $ 117.5K has been broken; After that, an upward trend would become more likely.
Bitcoin [BTC] was only 5.6% below all-time high at $ 124k. Bitcoin Bulls challenged the local resistance of $ 117.5K.
The FOMC meeting brought an increased short-term price volatility, but BTC is probably a beneficiary of the rate reduction in the coming months.
Source: Cryptuquant
To investigate what traders can expect in the coming days, Ambcrypto investigated the derivaten market and exchanged Netflow statistics.
In one after About cryptoquant insights, XWIN research Japan It noted that the 24-hour change in Bitcoin-Futures was positive for the first time in three days.
De Boost in Open Interest showed that market participants had faith in a persistent transition to the top.
Whether such a movement will come soon, or whether this will serve as liquidity for the price to sweep for a bearish reversal, was unclear.
If Bitcoin cannot climb past the level of $ 117.5K, this may be a signal that the price for the next trend is hunting for liquidity.
Accumulation and some profit
The output age bands used showed that there was no flurry of BTC movement of short-term holders (155 days or less).
The age tires saw remarkable peaks on July 16 and 21, and then on August 29.
This showed an increased STH portion and activity and was a warning for sales pressure. On August 29, Bitcoin fell to $ 108.4k and the metric metric reflected in the market.
At the time of writing, when BTC moved to challenge the $ 117.5k resistance, some holders moved their tokens and possibly in the short term, but it was not as strong as the aforementioned dates.
The Exchange Netflow -Metriek revealed that there were serious outsourcing on August 29, which meant that the price DIP under $ 110k was scooped by market participants.
Similarly, there were also significant Netflows of -13.262 Bitcoin on 15 September. The negative value gives out and signaled accumulation.
That is why the rising OI and the Exchange Netflows both found that holders had faith in a reviving bitcoin.
Traders should not immediately dive into long positions, but must be aware that sentiment was bullish and the volatility was possible.