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#FedRateCutPrediction
Bitcoin catches a bid, but data shows pro traders skeptical of rally above $92K
Bitcoin's rejection at the short-term range highs was caused by macroeconomic uncertainty, liquidations and stagnant spot ETF flows. Will clearer signals from the US economy boost BTC volumes?
Key takeaways:
Economic uncertainty, a delayed jobs report and weakness in the housing market are causing traders to retreat from Bitcoin.
Pro traders are incurring high costs to protect against Bitcoin price drops, while in China, stablecoins are being sold at a discount to exit the crypto market.
$94,110
faced a $2,650 pullback after failing to break above $92,250 on Monday. The move followed a reversal in the US stock market amid uncertainty over job market conditions and growing unease about stretched valuations in artificial intelligence investments.
Traders now wait for the US Federal Reserve monetary policy decision on Wednesday, but the odds of a quick recovery to $100,000 depend on risk perception.
$BTC