Quick overview

Live BTC/USD Chart

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Bitcoin saw a significant decline in value following the Federal Reserve’s release of the FOMC minutes and Fed Chair Jerome Powell’s press conference, in which he explained the central bank’s decision to forgo interest rate cuts. After US stocks and cryptocurrency markets refocused on the current fundamentals and the anticipated longer-term effects of President Trump’s economic agenda, prices rose on Thursday.

Bitcoin is still trading in the $115,000 to $121,000 range that it has for the past 18 days, despite the steep decline below $116,000. Data indicated this range will soon expand. Hyblock Capital analysts characterized the price action before and after the FOMC as a liquidity hunt in which “a classic indecision 15m candle emerged with wicks on both sides as markets wavered.”. The analysts noted that the bid-ask-ratio metric turned red at 10% order book depth, increasing the likelihood that the price would reach a $115,883 liquidation level.

Short liquidations are accelerating above $120,000, while longs are at risk of liquidation below $115,000, according to the current liquidation heat map for the BTC/USDT perps pair at Binance and Bybit.

Markets speculated that Bitcoin is about to expand its range due to its price compression and limited aggressive leverage use in its futures markets. Since the price of bitcoin was above the 20-day moving average at the time and the Bollinger Bands had also narrowed, many traders were forecasting an upside breakout.