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On-chain data shows renewed confidence among sub-3-month holders with BTC trading above their cost basis ahead of the FOMC meeting.
Photo: Dado Ruvic
Key Takeaways
- Short-term Bitcoin investors are growing more confident as the Federal Reserve’s FOMC meeting approaches.
- Glassnode’s on-chain data points to investors positioning for a positive outcome from the Fed’s decision.
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Short-term Bitcoin investors are showing renewed confidence ahead of this week’s Federal Open Market Committee meeting, according to blockchain analytics firm Glassnode.
On-chain data indicates these investors are positioning for a positive outcome from the Fed’s upcoming decision. Glassnode said the SOPR ratio for recent buyers bounced as BTC held $107,000, showing short-term holders are back in profit ahead of the Fed.
This renewed momentum largely stems from BTC reclaiming the cost basis of all sub-3-month holders, which Glassnode estimates between $111,800 and $114,200. For confidence to hold, Bitcoin must remain above this range after the Fed decision; failure to do so could risk a “sell the news” market structure.
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