Key takeout
- Short-term Bitcoin investors are more confident as the Federal Reserve FOMC meeting approaches.
- GlassNode’s on-chain data shows investors positioning themselves for positive outcomes from the Fed’s decision.
Short-term Bitcoin investors are showing new confidence ahead of this week’s Federal Open Market Committee meeting, according to Blockchain Analytics Firm GlassNode.
On-chain data shows that these investors are positioned for positive outcomes from the Fed’s future decisions. GlassNode says the recent buyer’s SOPR ratio has bounced back as BTC holds $107,000, indicating that short-term holders are returning to profit ahead of the Fed.
This updated momentum is largely due to BTC regaining the cost base for all holders over the three months. To maintain confidence, Bitcoin must be beyond this range after the Fed decides. Otherwise, it could endanger the “sell news” market structure.
