Bitcoin has maintained a price above $100,000 for 40 consecutive days, indicating market strength amidst various economic challenges.
Bitcoin and Its Current Price
Bitcoin continues to trade above $100,000 for the 40th consecutive day, signifying strong investor conviction. Despite macroeconomic and geopolitical uncertainties, BTC has shown resilience by consolidating tightly within a potential bull pennant. This price level has acted as a psychological anchor, preventing large sell-offs despite low miner revenues.
Technical and On-Chain Metrics
Data from CryptoQuant indicates net realized profit levels on the 7-day moving average remain under $1 billion, suggesting minimal selling pressure. This subdued realized profit environment may support Bitcoin’s ongoing consolidation, with minimal signs of potential corrections as indicated by Darkfost's analysis.
Market Expectations Ahead of FOMC
The long/short ratio on major exchanges stands near a 50/50 split, reflecting trader indecision ahead of the FOMC press conference. Volatility is anticipated based on Chairman Powell's tone, especially if dovish hints on future rate cuts are given, which could trigger a bullish response.
By maintaining a level above $100,000, Bitcoin demonstrates strength amid low selling pressure and economic uncertainties, with traders focusing on potential cues from the FOMC.
