💥 Bitcoin Clings to $104K Support — Fed Fallout or Fuel for a Rally?

The Fed left interest rates constant for the fourth straight day yesterday, damping prospects for a major surge in risk-on assets like Bitcoin (BTC). On-chain signs imply BTC is seeing robust demand, which might lead to its next move upward.

Strong Bitcoin Demand Despite Steady Interest Rates
Amr Taha's CryptoQuant Quicktake report found a strong demand zone for Bitcoin around $100,000. A rise in BTC may be imminent, according to the expert.

The Binance BTC Price and Open Interest Change chart shows how this price region has consistently absorbed tremendous selling pressure, resulting in persistent equal lows over $104,000.

Binance open interest has fallen, signaling futures market deleveraging. Deleveraging may minimize risk and support sustained price rise.

Past $104,000 has been a “liquidation magnet” for late long holdings. The BTC: Binance Liquidation Delta chart reveals a strong concentration of liquidations around this price.

The chart shows green delta spikes from forced long position closures, indicating a cleaning of late rally traders. Few short liquidations show long squeezes controlled the market.

A long squeeze happens when an asset's price declines significantly, pushing long-term traders to sell or liquidate. Selling pressure lowers prices more, typically exacerbating the decrease.

Interestingly, this market cleansing corresponds with the Fed's interest rate rise halt. Risk-on assets like BTC usually benefit from such developments.

BTC has historically been strong after rate stability, particularly as liquidation fatigue and open interest fade.

BTC Uptrend Resuming?

Multiple on-chain signs imply the BTC slump may be over. CryptoGoos has saw short-term BTC sellers losing momentum.

Without retail excitement, the market may be in an early or mid-stage rise. BTC has more growth potential, according to the Puell Multiple.

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