Bitcoin eyes $103K: Will the Fed Rate propel or plunge BTC?

• BTC value may hit $103K, pushed by liquidity sweep. 
• A possible uptick in world longs may mark a possible BTC reversal and bull lure. 

For the previous few days, Bitcoin [BTC] has stayed above $100K, however its subsequent path could possibly be triggered by the Fed price minimize choice. 

After final week’s U.S. inflation and labor knowledge, the market was pricing a 96% likelihood of one other 25bps curiosity minimize through the subsequent Fed price choice on the 18th of December. 

Subsequent BTC strikes

So, which means will BTC go? Based on BTC dealer CrypNuevo, the most probably transfer was a liquidity hunt at $103K/104K, citing current developments. A part of his evaluation on X read, 

“Numerous quick liquidations at $103k. It is perhaps the proper time to hunt them…We will see how they’ve been constantly targetting these liquidation clusters previously days.” 

Supply: Hyblock

At press time, there have been nonetheless appreciable leveraged quick positions at $103K-$104K, which strengthened CrypNuevo’s projection. 

On the 12-hour chart, BTC has been tightly consolidating round its ascending channel’s mid-range. The $103K/$104K goal sat about 2% from the mid-range. 

The higher channel goal of $107K was 5% from the mid-range degree, however had much less liquidity and won’t strongly appeal to value motion because the $103K degree. 

Supply: BTC/USDT, TradingView

If that’s the case, BTC may hit $103K/$104K targets, pushed by liquidity sweep, after which retreat decrease. 

The channel’s range-low has stopped earlier retracements, and the potential pullback may ease at $97K. Afterward, BTC may proceed its range-bound motion. 

Hyblock’s retreating world longs indicator supported the possible slip to range-low after tapping $103K. The oscillator all the time rises when BTC falls and drops when BTC pumps. 

At press time, the indicator was heading to its backside and will reverse, marking a probable BTC retracement and bull lure.  

Supply: Hyblock

Learn Bitcoin [BTC] Value Prediction 2024-2025

In brief, BTC may push barely above the mid-range to liquidate quick positions at $103K/$104K ranges earlier than going for leveraged longs on the channel’s range-lows close to $97K. 

Nonetheless, a breakout on both aspect would invalidate the above range-bound outlook.

Disclaimer: The data introduced doesn’t represent monetary, funding, buying and selling, or different sorts of recommendation and is solely the author’s opinion