Bitcoin (BTC) price shows indecision as it trades roughly around the $28,000 level. A look at on-chain metrics reveals why sideways movement is predom
Bitcoin price trades around $28,000 with no signs of directional bias. The 7-day, 30-day, 90-day and 180-day MVRV are all close to zero, providing a clean slate for BTC. Sell-side and buy-side liquidity are present 10% and 9% away at roughly $30,300 and $24,900. inant and that a sharp move in BTC is likely to arrive soon.
At the start of this week, the CME FedWatch Tool showed a 30.9% probability of a 25 basis point rate hike. After the recent jobs report, this number has dropped to 21.2%. The majority still believe that the Fed will keep the policy rate of 5.25% to 5.50% unchanged. CME FedWatch Tool In the Jackson Hole meeting, the Fed hinted at one more rate hike in 2023 should the data call for it.
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