Bitcoin Price Approaches $115,550 Amid Signs of Short-Term Cooling
Bitcoin is experiencing a price pause after reaching $124,201, with current trading at https://holder.io/coins//. Key points include:
Price Trends
- Recent increase of approximately 10% over nine days.
- Current price is about 6% below its all-time high.
- Analysts note a lack of new macro drivers for continued growth.
MVRV Ratio Insights
- MVRV ratio is at +21%, indicating profitability for many holders.
- This may lead to increased profit-taking and slow further gains.
Market Dynamics
- Approximately $2 billion in short positions could be threatened if Bitcoin approaches previous highs.
- Wallets holding 10 to 10,000 BTC continue accumulating despite recent highs.
Macro Influences
- Investors are focused on the US Federal Reserve's rate cut decision on September 17.
- The CME FedWatch Tool indicates an 83% probability of a rate cut.
Outlook
- Markets are in consolidation; traders are cautious ahead of economic news and Fed decisions.
- Expect sideways movement unless new catalysts arise.
- Short-term volatility is likely, with profit-taking from some investors and continued buying by larger wallets.