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Bitcoin Holds $104,000 Support As Market Deleverages Following Fed Decision – Is A Rally Brewing?
- The US Federal Reserve (Fed) held interest rates steady for the fourth consecutive time, impacting Bitcoin's potential rally.
- Bitcoin shows strong demand in the mid-$100,000 range, indicating readiness for an upward move.
- BTC has been forming consistent equal lows just above $104,000, absorbing selling pressure in that price area.
- Open interest on Binance has decreased, suggesting a deleveraging trend in the derivatives market.
- The $104,000 level has attracted liquidations of late long positions, leading to a cleanup of traders who joined the rally late.
- BTC may benefit from the Fed's decision to pause interest rate hikes, historically being positive for risk-on assets like BTC.
- On-chain indicators hint that the current BTC pullback may be ending, with short-term sellers losing momentum.
- BTC lacks signs of retail euphoria, potentially indicating the market is in an early or mid-stage rally.
- BTC's Puell Multiple suggests further growth potential, but caution is advised as trading volumes across exchanges have dropped.
- BTC trades at $104,274, showing a 0.3% increase in the past 24 hours.
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