Bitcoin has maintained levels above $100,000 for over 40 consecutive days, reflecting strong investor conviction despite low miner revenues. On-chain data shows minimal profits, suggesting traders are reluctant to sell, bolstering BTC’s ongoing consolidation.
The emergence of a bullish pennant pattern indicates a potential breakout coinciding with the upcoming FOMC press conference. Market positioning, particularly the long/short ratios, is nearing equilibrium, highlighting traders’ uncertainty as they await cues from the Federal Reserve.
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