Bitcoin’s next major move post-FOMC relies on staying above $115,200

Bitcoin (BTC) remains successful a delicate equilibrium pursuing the Federal Reserve’s complaint chopped decision, wherever holding $115,200 is cardinal to defining the adjacent movement.

Glassnode reported on Sept. 18 that derivatives markets and on-chain information revealed a marketplace poised for its adjacent directional move.

BTC was trading astatine $117,649.40 arsenic of property time, positioning supra the outgo ground of 95% of Bitcoin proviso astatine $115.2k.

This threshold represents a captious enactment for maintaining demand-side momentum. Failure to clasp this level risks a contraction toward the scope betwixt $105,500 and $115,200, which could further entrench selling pressure.

Bitcoin trades supra outgo ground levels for 95%, 85%, and 75% of supply, with existent terms adjacent $117k approaching all-time highs. Image: Glassnode

Derivatives markets awesome fragile positioning

Perpetual futures markets person shown stabilization aft a play of volatile pre-FOMC positioning.

Open involvement declined from a rhythm precocious of 395,000 BTC connected Sept. 13 to 378,000 BTC pursuing choppy terms action, but has since stabilized betwixt 378,000 BTC and 384,000 BTC.

The pullback to $115,000 aft the complaint chopped triggered important agelong liquidations, pushing liquidation dominance to 62%.

Current positioning reveals a fragile marketplace operation with long-side max symptom astatine $112,700 and short-side max symptom astatine $121,600.

This constrictive scope suggests Bitcoin sits precariously betwixt imaginable liquidation cascades, wherever downside moves hazard triggering agelong positions portion upside breaks could substance abbreviated squeezes.

Record options enactment highlights volatility

Bitcoin options unfastened involvement has reached a grounds 500,000 BTC, with Sept. 26 marking the largest expiry successful Bitcoin’s history.

The contract’s onslaught organisation spans $95,000 puts to $140,000 calls, with max symptom adjacent $110,000 acting arsenic a imaginable gravitational propulsion until expiry.

Options positioning shows accordant enactment selling beneath spot and intensified telephone buying supra existent levels.

This operation forces dealers to supply liquidity successful some directions, perchance cushioning declines portion fueling rallies done hedging flows.

Market operation reflects cautious optimism

The spot marketplace cumulative measurement delta shows mild antagonistic deviations crossed large exchanges, indicating cautious sentiment contempt the optimism surrounding the complaint cut.

However, perpetual markets show a notable displacement from utmost selling to balanced conditions. This question reflects returned liquidity arsenic buy-side flows offset persistent August merchantability pressure.

The convergence of grounds options positioning, stabilized perpetual flows, and Bitcoin’s presumption supra captious outgo ground levels suggests a marketplace awaiting confirmation of its adjacent large move.

Bitcoin’s capableness to enactment supra $115,200 volition specify the adjacent large post-FOMC movement

The station Bitcoin’s adjacent large determination post-FOMC relies connected staying supra $115,200 appeared archetypal connected CryptoSlate.