Bitcoin Trades Near $102K Support as FOMC Triggers Selling
Bitcoin (BTC) price fell to $103,300 as traders reduced risk ahead of the Federal Open Market Committee meeting and interest rate decision. A bearish weekly candle close indicates a potential trend reversal, compounded by geopolitical tensions, particularly the Israel-Iran conflict. The decline aligns with seasonal weakness and decreased onchain network growth, reflecting a cooling in spot demand. Over $434 million in BTC futures were liquidated, indicating a leverage-driven market response. Despite this, the Bitcoin Coinbase Premium Index remains positive, showing steady demand from US investors, though it has limited price impact. Profit-taking among mid-cycle holders resulted in $904 million realized gains, shifting market dynamics. Long-term holders continue to refrain from large-scale spending, suggesting a bullish outlook. Technical analysis indicates a potential short-term bottom between $102,000 and $104,000, with key resistance at around $106,000. A reclaim above $106,748 could signal a bullish reversal toward $112,000, while a drop below $100,000 may target $98,000, which is critical support for short-term holders.
