Chart of the day: Bitcoin traders maintain positive outlook despite Fed Jitters

As the US Fed meeting kicked off on Tuesday, the market had priced in a 25-basis-point rate cut, which has come to pass. Widespread anxiety around this major market event had already triggered a 4.2% outflow from the global crypto sector valuation over the last 24 hours. However, market data suggests the majority of speculative traders still maintain a positive outlook on Bitcoin’s short-term price prospects.

While Bitcoin price dipped below the $105,000 mark, the Coinglass chart below shows speculative traders continue to drive more capital inflows toward the BTC futures markets.

Bitcoin (BTC) Open Interest vs. Price | Source: Coinglass

As shown in the chart above, Bitcoin open interest rose to a new all-time high of $68.1 billion on Wednesday, reflecting $5 billion of inflows within the last 48 hours.

When Open Interest continues to increase amid a price pullback, it signals resilient bullish sentiment among short-term speculative traders. The move could set the stage for a rapid breakout in the coming trading sessions for two main reasons.

First, rising Open Interest amid a price correction suggests that traders are accumulating leveraged long positions, anticipating a rebound rather than exiting the market. This reinforces a "buy-the-dip" phenomenon that often precedes a sharp recovery.

If Bitcoin maintains its position above the $100,000 psychological support, a breakout toward the $110,000 resistance becomes increasingly likely.