Key Takeaways

How did Bitcoin react to the U.S. Federal Reserve rate cut news?

Bitcoin briefly fell to $114.7k, a 1.77% drop for the day, but bounced to $116.5k by the close on the 17th of September.

Should traders expect BTC to trend higher now?

Volatility is expected to persist until the $117.5k local resistance is broken; thereafter, an uptrend would become more likely.

Bitcoin [BTC] was just 5.6% below its all-time high at $124k. Bitcoin bulls were challenging the $117.5k local resistance.

The FOMC meeting brought heightened short-term price volatility, but BTC is likely to be a beneficiary of the rate cut in the coming months.

To examine what traders can expect in the coming days, AMBCrypto examined the derivatives market and exchange netflow metrics.

In a post on CryptoQuant Insights, XWIN Research Japan noted that the 24-hour change in Bitcoin futures flipped positive for the first time in three days.

The boost in Open Interest showed that market participants were confident of a sustained move to the upside.

Whether such a move will come soon, or if this will serve as liquidity for the price to sweep up before a bearish reversal, was unclear.

If Bitcoin can not climb co

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Author: Akashnath S