Bitcoin Price Action Influenced by Fed Decision and Trade Talks
- Bitcoin (BTC) has risen by 13% since the liquidation-driven sell-off on October 10, but needs to close above $116,000 to confirm a bullish trend reversal.
- Order book data shows significant selling pressure at $116,000 on Coinbase and between $117,000 to $118,000 on Binance.
- Global exchange open interest has increased to $31.48 billion from a low of $28.11 billion on October 11.
- Spot Bitcoin ETF inflows have seen net flows of $260.23 million over the last three trading sessions.
- Short liquidations in futures markets reached over $49 million in the past twelve hours as traders adjust positions ahead of the Federal Reserve’s interest rate decision.
The upcoming Federal Open Market Committee (FOMC) meeting and US-China trade summit are critical events influencing Bitcoin’s price movement, with potential volatility expected based on outcomes from these discussions.
As Bitcoin continues to face resistance at $116,000 while bouncing between this level and support at $110,000, recent data indicates a mixed sentiment among traders regarding market direction.(Source)
