Bitcoin traders eye $93.5K liquidation sweep despite Fed interest rate pause
Bitcoin pulled back from its intraday highs after the US Federal Reserve declined to cut interest rates, but futures market data suggests traders may attempt to seize the short liquidity in BTC’s $93,500 range.
Bitcoin (BTC) staged a quick rally to $90,600 on Wednesday, but the gains evaporated as the US Federal Reserve decision to forgo an interest rate cut was announced. Despite the whipsaw price action from Bitcoin, data shows traders eyeing a potential move to $93,500. One analyst said that the price level stands out as a key liquidation zone, with over $4 billion in leveraged short positions at risk of liquidation.
Key takeaways:
Over $4.5 billion in BTC short liquidations sit near $93,500, making it a possible stop-hunt level for traders.