Bitcoin Faces Resistance Ahead of Fed Decision and US-China Trade Talks
- Bitcoin (BTC) has risen by 13% since the sell-off on October 10, but needs to close above $116,000 to confirm a bullish trend reversal.
- 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 $260.23 million in net flows over the last three trading sessions.
- Short liquidations reached $49.83 million in the past twelve hours as traders adjust their positions ahead of the Federal Reserve’s interest rate decision.
- Large investors are selling during price rallies while smaller retail investors are buying dips, showing contrasting market behavior.
The upcoming Federal Open Market Committee (FOMC) meeting is expected to influence Bitcoin’s price action, particularly concerning resistance at $116,000 and support at $110,000 amid ongoing US-China trade negotiations.
With Bitcoin needing daily closes above $116,000 for a bullish trend confirmation, traders remain cautious as they navigate significant economic events this week.(Source)
