BTC Price Gridlock: Traders Wait for Fed Decision to Break the Stalemate
Bitcoin's price has been stuck in a narrow range of 5.5% for over 24 sessions, keeping the market quiet. Traders are waiting for the U.S. Federal Reserve's interest-rate decision on Wednesday to make their next move.
The report from Bitfinex Alpha suggests that new demand may return after the Fed decision, which could help break the current stalemate. However, until then, selling has slowed but buying has not been strong enough to push Bitcoin clearly higher.
About 840,000 BTC have a cost basis within this narrow range, meaning they were bought at prices inside it. Glassnode's sell-side risk ratio has fallen to seven basis points, indicating that long-term holders are taking fewer profits.
Leverage has built up around the current price levels, which could make any breakout more volatile. CoinGlass data show about $1.95 billion in possible short liquidations near $82,000, while long positions are concentrated around $75,000 to $76,000.