Bitfinex: Bitcoin selling pressure drops to a one-year low, market awaits Federal Reserve interest rate decision

Bitfinex Alpha's latest report shows that Bitcoin has recently maintained a range of about 5.5% for over 24 trading days, with a cost basis of approximately 840,000 BTC within this range. As profit-taking has noticeably slowed, the seller risk premium has dropped to 7 basis points, one of the lowest levels in the past year, but insufficient buying pressure still limits a breakout.

Meanwhile, leverage has accumulated at the upper and lower bounds of the range, with approximately $1.95 billion in short liquidation risk concentrated around $82,000, while there are large-scale long positions in the $75,000 to $76,000 range, which could amplify price volatility following the Federal Reserve's interest rate decision.

Bitfinex further pointed out in the report that rising energy costs, increasing real yields, and weakening consumer confidence have made the macro environment more complex. Whether BTC can break through the current range still depends on the Federal Reserve's policy guidance and the subsequent trends in real yields and energy prices.