Bitcoin’s recent drop below $80,000 has raised concerns about a possible bear trap. Despite the decline, 73% of retail futures are long, indicating persistent bullish sentiment.
A vital liquidating point was highlighted at $78,981, with many addresses near breakeven. The high bid-ask ratio reflects continued demand for purchases, which may lead to a reversal in BTC’s price.
The upcoming FOMC meeting poses significant uncertainty, with potential interest rate cuts speculated. The pressure from the Fed, combined with increasing accumulation from long-term holders, suggests that this dip may present a high-risk, high-reward opportunity for Bitcoin.
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