Bitcoin ‘ping-pong’ price action will stick until Fed FOMC and US-China deal wrap up
Bitcoin hit resistance at $116,000; bulls might not clear the barrier until Wednesday’s Fed announcement on interest rates and this week’s resolution of the US-China trade war.
Key points:
Bitcoin traders’ ability to overcome price resistance at $116,000 may hinge on Wednesday’s Fed decision on interest rates and this week’s US-China trade summit.
Pro traders are distributing into BTC price rallies while retail-sized investors are buying the dips in spot, and also being liquidated in futures.
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