Bitcoin price action swirls around $115,000 as gold sets new record highs, but markets are getting cautious into Wednesday’s FOMC meeting.
Market Update
Key points:
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Bitcoin attempts to liquidate longs at the Wall Street open with $115,000 a focus.
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Markets are flipping short ahead of Wednesday’s Federal Reserve meeting.
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Gold hits fresh all-time highs above $3,700 before correcting.
Bitcoin () wobbled at Tuesday’s Wall Street open as analysis eyed potential liquidations.
Bitcoin leverage spikes with longs at risk
Data from and showed BTC/USD becoming unsettled as the US trading session began.
Price gyrated between $114,800 and $115,300 while surrounded by blocks of liquidity on exchange order books, both up and down.
“There’s a huge cluster of long liquidations below the current price, specifically around the 114724.3 level. That’s a lot of trapped longs,” trading resource TheKingfisher observed in part of its on X.
An accompanying chart showed relevant “pain” levels for traders above and below spot price.
“This chart doesn’t predict the future, but it tells you where the pain is. And where the pain is, price movements often follow,” TheKingfisher added, noting high levels of leverage active on the market.
The day prior, popular trader Skew identified similar low-timeframe volatility, querying what he implied was manipulative price behavior.
The psyops continue
— Skew Δ (@52kskew)
“Market remains top side heavy with persistent supply & offloading into price,” he summarized in his .
Skew said traders were flipping short into the week’s key macroeconomic event: the US Federal Reserve’s . The Federal Open Market Committee (FOMC) was expected to cut rates for the first time in 2025 by 0.25%.
“Quite large positioning decay already going into FOMC, not surprising although short positioning is starting to pick up as the consensus trade going into FOMC,” he concluded.
BTC price action yet to copy gold
Pre-FOMC nerves were apparent across risk assets.
Related:
US stocks were modestly down at the open, while gold saw noticeable volatility and a fresh all-time high of $3,703.
⚡️JUST IN: Gold surges to a new ATH above $3,700.
— Cointelegraph (@Cointelegraph)
As , analysis argues that both Bitcoin and gold are “pricing in” future US economic conditions.
“Gold leads the way. Bitcoin follows,” popular trader Jelle in part of an X reaction, referencing the tendency for BTC price action to follow gold’s with a .
Gold remained firmly in the lead based on year-to-date performance, up 40% since the start of the year against Bitcoin’s 23%.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
