Key dealers
- Short-term Bitcoin investors become more confident when the Federal Reserve FOMC meeting approaches.
- Glassnode’s data chain points to investors who position for a positive result from the Fed’s decision.
Short-term Bitcoin Investers show renewed confidence before this week’s Federal Open Market Committee meeting, in accordance with to Blockchain Analytics Glassnode.
The data on the chain indicates that these investors are positioning for a positive result from the Fed’s upcoming decision. Glassnode said that the Sopr relationship for the latest buyers bounced when BTC contained $ 107,000, which shows that short-term holders are back in profit before the Fed.
This renewed momentum from BTC recycles the cost base for all under-3-month holders, which Glassnode estimates between $ 111,800 and $ 114,200. For confidence to hold, Bitcoin must remain over this range after the Fed decision; Failure to do so can risk a “Sell News” market structure.
