Bitcoin touches $85,900! Surge in Whale & ETF demand as main catalyst

Bitcoin price rose 4% to a 10-day high of $85,900 on Wednesday after the Fed's decision to maintain interest rates as expected by the market. On-chain data from IntoTheBlock shows that large Bitcoin transactions increased by $13 billion since the beginning of the week, indicating accumulation by large investors.

In addition, Bitcoin ETFs recorded inflows of over $500 million in the three days leading up to the Fed's decision, marking the first positive fund flow for three consecutive days since January 31. On Wednesday alone, Bitcoin ETFs recorded a net inflow of $209 million.

Technically, Bitcoin remains in a bullish trend with the MACD indicator showing positive momentum. However, there is a risk of price correction if large investors engage in "sell-the-news" actions, which could push the price down to $80,000. If Bitcoin fails to break the crucial price barrier of $90,000, profit-taking actions could trigger further declines with strong support at $76,606.

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