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BTC Critical week begins: Bitcoin and altcoins wait for the Federal Reserve's decision
For Bitcoin and altcoins, a critical week has begun, and the market is waiting for the Federal Reserve's July interest rate decision. Although the Federal Reserve is widely expected to keep interest rates unchanged, Federal Reserve Chairman Kevin Walsh's statement is expected to have a significant impact on the cryptocurrency market.
Against this background, as the market closely watched the Fed's decision, bitcoin options traders reduced their short hedging positions before the Fed announced its decision. Glassnode analysts pointed out that the bearish/bullish ratio fell to about 0.52 from 0.76 at the end of June. The ratio at the end of June reflected the market's defenses against potential declines.
Analysts believe that the sharp decline in ratios suggests that investors have stopped buying insurance for potential pullbacks and are back on bullish expectations. According to Glassnode data, large investors are actively accumulating $70,000 worth of call options. This shows that the market's confidence in upward expectations for bitcoin prices in the short term is increasing.
On the other hand, analysts warned that if the Fed's signal does not match market expectations, Bitcoin's volatility may increase rapidly due to the reduction of defensive positions.
