[Analysis] "Bitcoin range-bound ahead of FOMC…sideways trend likely to continue"

Suehyeon Lee

Summary

Bitcoin price is likely to remain range-bound between the $96,000 resistance and the $86,000~$84,000 support ahead of the FOMC.
As liquidity sell pressure accumulates, a breakout to either side is expected to increase volatility.
Investors are reducing risk exposure while awaiting signals on U.S. monetary policy, so consolidation is expected to continue until the FOMC.

Bitcoin (BTC) could remain in a sideways range ahead of the December Federal Open Market Committee (FOMC), according to analysis.

On the 2nd (local time), Cointelegraph analyzed, "Bitcoin is trapped in the short term between the $96,000 resistance and the $86,000~$84,000 on-chain support, and as liquidity sell pressure accumulates, a breakout to either side would inevitably increase volatility."

It went on, "A pullback into the upper $80,000s could absorb downward liquidity and instead serve to reorganize the base for a rebound. Conversely, if $93,000~$96,000 are retested immediately without a separate adjustment, selling pressure may re-enter and the extent of the correction could widen."

The outlet said, "With the Federal Open Market Committee (FOMC) scheduled for the 9th~10th, the market is becoming more cautious," adding, "Investors waiting for U.S. monetary policy signals are reducing risk exposure, so Bitcoin is likely to continue consolidating in its current range until the FOMC."

BTC