BTC FOMC Report Causes Bitcoin to Drop: Will Selling Pressure Drag Prices Lower❓❓❓
📢The Relative Unrealized Profit (RUP) indicator has recently breached above the +2σ band, a level often associated with market euphoria phases. Historically, this condition typically precedes market peaks, indicating latent selling pressure that could ultimately drag prices lower.
The current RUP condition reveals that a correction may occur in the coming days, potentially pushing Bitcoin prices out of their consolidation zone. Based on previous patterns, a shift towards selling action could result in further downward pressure.
🔥BTC Price Needs to Rise
Bitcoin is currently trading at $118,410, after plummeting to $115,700 on Wednesday when the FOMC report was released. The market's response to the Federal Reserve's decision to keep interest rates unchanged caused BTC to recover, but the underlying market conditions remain risky.
📈Bitcoin prices are vulnerable to further corrections if investors begin to take profits, which could drag this cryptocurrency below the support level of $117,261. A drop below this support could bring Bitcoin's price down to $115,000 or even lower.
➡️The only way to negate this bearish outlook is if Bitcoin can hold above $120,000 and reclaim $122,000 as support. A surge above these levels is likely to provide the momentum needed to propel Bitcoin to new all-time highs.
$AAVE $SEI
