Cryptocurrency markets are down after Bitcoin failed to consolidate above the $119,00 mark.
Notable Statistics:
IntoTheBlock data shows Bitcoin’s large transaction volume and daily active addresses increased by 7.2% and 0.4%, respectively. Exchanges netflows narrowed by 118.3%. Coinglass data shows 121,983 traders were liquidated in the past 24 hours for $395.41 million. The top gainers in the past 24 hours include Pump.fun PUMP/USD, Sonic (CRYPTO: S) and Toncoin TON/USD.
Notable Developments:
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Trader Notes: Crypto trader GalaxyBTC noted this kind of consolidation on Bitcoin is familiar, saying it has happened before Bitcoin surged from $50,000 to $70,000.
Byzantine General observes Bitcoin being in a choppy, indecisive range, a “no man’s land.”
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With the FOMC out of the way, price action might stay stuck here.
A trade setup only looks appealing if it takes out the local high or low, offering a potential scalp in the opposite direction.
Daan Crypto Trades sees Bitcoin retesteing near its range low after the FOMC but held a higher low, a sign of underlying strength.
Price is still ranging, but several marginally lower highs above hint at short stop and liquidation liquidity stacking up.
Once one of those levels breaks, a cascade could follow. For now, though, strong supply above $118,000 is capping upside and may take time to absorb.
Read Next:
Bitcoin Consolidates After FOMC Meeting: What Does Powell’s Decision Mean For ETH, XRP, Dogecoin?
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$BTCBitcoin – United States dollar$116588.46-1.05%Stock Score Locked: Edge Members Only
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Unlock RankingsEdge RankingsMomentum92.89Price TrendShortMediumLongOverview$DOGEDogecoin – United States dollar$0.2132-3.02%$ETHEthereum – United States dollar$3731.48-2.05%$SHIBShiba Inu – United States dollar$0.000013-1.55%$SOLSolana – United States dollar$174.84-1.65%$TONToncoin – United States dollar$3.574.81%$XRPRipple – United States dollar$3.06-1.29%Market News and Data brought to you by Benzinga APIs
