Bitcoin Range-Bound Below $77,000 as Investors Await Fed Decision
The price of Bitcoin has been range-bound over the past few days, trading below $77,000 as investors wait for the Federal Reserve's decision on interest rates. Despite a mild recovery yesterday, BTC faces pressure and is currently trading at $76,948.
On the bright side, institutional demand is showing signs of return, with spot Exchange Traded Funds (ETFs) recording an inflow of $160.04 million on Monday, snapping a four-day outflow streak. This could potentially extend Bitcoin's recovery.
The Bitfinex Alpha report highlights key liquidation zones around $82,000 and $76,000, warning that a break above or below these levels could trigger massive wipeouts. The analyst notes that the higher band has a limited number of positions concentrated at a certain strike price, while the lower band has evenly distributed strikes.
The technical outlook for Bitcoin remains constructive, with the Crypto King holding a bullish bias and staying above its key Exponential Moving Averages (EMAs). However, the Relative Strength Index (RSI) has eased back toward a neutral 52, hinting at cooling momentum.