$BTC - It appears we're witnessing some de-risking activity ahead of the FOMC meeting. The recent surge following the reclaim of the $58k level has been fully retraced. It's challenging to discern how much of this movement is due to organic selling versus the market's reaction to the uncertainty leading up to Wednesday.

To clarify the bias on higher time frames, we remain in a bearish market structure on both the daily and weekly charts. We've been observing consistent lower highs and lower lows since March, with the latest lower high recorded at $65k.

As discussed last week, there was a potential higher low at $53k, which could potentially lead to a market structure break (MSB) if we manage to reclaim the $65k level. However, this development is still pending. At the moment, my stance is more neutral – there was some emerging bullish market structure since hitting $53k, but I would have preferred to see a continuation above $60k. Should we lose the previous higher low at $55.6k, my focus would shift towards seeking short positions targeting new lows.

Tldr; It's advisable to take a step back and 'touch grass' until after the FOMC announcement on Wednesday afternoon, given the short-term directional uncertainty. #bitcoin