Don't want to trade it yourself?
Our desk runs DEX portfolios on profit share.
Bitcoin is likely to trade sideways in the $80,000-$84,000 range until the Federal Open Market Committee rate decision, HTX chief analyst Cloud said, according to BlockBeats.
Cloud said BTC spot ETFs have seen net outflows over the past two weeks, but exchange-held BTC has continued to decline and long-term holders have not sold in large size, leaving selling and buying pressure balanced. Cloud added the market is struggling to pick a direction ahead of the rate decision.
Cloud said near-term downside risk is somewhat higher as funding rates remain elevated and put option demand persists. Even so, any drop below $80,000 would likely be temporary after Bitcoin found support there several times over the past month.
Cloud identified three signals for confirming an upside breakout:
– A daily BTC close above $84,200
– More than $500 million in cumulative net ETF inflows over three days
– Funding rates at 15% or lower
For a downside breakout, Cloud pointed to:
– A drop below $79,800
– More than $500 million in weekly net ETF outflows
– A shift to net BTC inflows to exchanges