Bitfinex Alpha recently analyzed that Bitcoin's sell pressure has dropped to its lowest level in the past year, but price increases are limited due to a lack of buying momentum. The report stated, “BTC has been trading sideways in a range of approximately 5.5% for over 24 trading days, and as profit-taking slowed, the Sell-Side Risk Ratio fell to 0.07%, nearing its lowest level in the past year. In the derivatives market, leverage is accumulating at the upper and lower bounds of the trading range. There is a concentration of approximately $1.95 billion in short position liquidation risk near $82,000, and large long positions have formed in the $75,000-$76,000 range. Accordingly, there is a possibility that price volatility will increase after the Fed's interest rate decision.”
