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Just saw Bitcoin drop again, now it’s around $74K. On-chain data yesterday showed a pretty strong bearish sentiment in the market. It seems traders are expecting the Fed to hold interest rates until April, so there’s some uncertainty in sentiment.
I noticed selling volume is quite high at resistance levels. If the Fed indeed pauses rate hikes in April, there could be a relief bounce, but for now, the pressure is still there. Some traders are also positioning for potential downside to $70K range if support breaks.
It’ll be interesting to see how the market reacts after the April Fed meeting. For now, on-chain data still indicates caution, so it’s better to wait and see before taking a big position.