Summary
- It analyzed that market investor sentiment is turning bullish ahead of the U.S. Federal Reserve (Fed)’s rate decision.
- It said that as Bitcoin (BTC) reclaimed $70,000, existing short positions were liquidated in large numbers and long positions are being built rapidly.
- It noted that with long positions holding an overwhelming edge in the perpetual futures market, market direction could shift sharply around the Fed rate decision.
Forecast Trend Report by Period
An analysis suggests that market investor sentiment is turning bullish ahead of the U.S. Federal Reserve (Fed)’s rate decision.
According to CryptoQuant on the 17th (local time), a large number of existing short positions were liquidated as Bitcoin (BTC) regained the $70,000 level.
It also found that new long positions are being built rapidly above the $73,000 range.
CryptoQuant said, "The current market positioning structure has completely flipped," adding that "in the perpetual futures market, long positions hold an overwhelming advantage."
This shift is interpreted as a signal that market direction could change significantly around the Fed’s rate decision, a key macro event.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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