Confusing BTC price action comes as the Fed forms Wednesday's Bitcoin macro focus.
showed BTC/USD suddenly surging to highs of $41,700 on Bitstamp — before instantly reversing.
Two hourly candles was all it took for the entire market to rise by $2,000, break significant resistance levels and come all the way back down again.According to data from on-chain monitoring resource , Bitcoin accounted for $98 million of these over the 24 hours to the time of writing. Total crypto liquidations for the period were just over $200 million.While still in the middle of its established trading range, BTC/USD took out resistance at both $40,000 and $41,000 before the latter strengthened once the pair had deflated.
On Wednesday, $41,000 remained as the sell-side pressure, but a significant build-up of sellers had yet to reappear at $40,000, data from Binance's orderbook compiled by monitoring resource Material Indicators showed."Snooze party" until Fed rate hike announcement? For analysts, meanwhile, the immediate past paled in significance compared to what the immediate future was apt to bring Wednesday.At 2pm Eastern Time, the United States Federal Reserve is primed to reveal moves on interest rates, something many were keenly watching as a potential price paradigm shifter.
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