Indicator of Why Bitcoin Could Not Rise: Pay Attention to the Binance Level Before the FED!

While Bitcoin rose yesterday, there were signals that it would fall again before the FED interest rate decision.

Bitcoin hosted a sharp movement yesterday evening. During this period, the price quickly exceeded $ 61,000. However, the sales that came later continued to pull the price down.

In fact, Binance data signaled that the rise would not be long-term. According to Binance data received last night, the density of Bitcoin's sell orders between $ 61,000-62,500 indicated that a possible rally could be limited. During this period, the average cryptocurrency market increased by 3%.

Ahead of today's meeting of the Federal Open Market Committee (FOMC), Bitcoin is expected to trade in a narrow range and not make a big jump in the short term. It is estimated that prices will fall due to increased recession concerns if the US Federal Reserve (FED) cuts rates by 50 basis points. On the other hand, it is assumed that the 25 basis point decrease is overpriced and will bring a decrease again.

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