Bitcoin ‘ping-pong’ price action will stick until Fed FOMC and US-China deal wrap up
Bitcoin hits resistance at $116,000, and bulls might not clear the barrier until Wednesday’s Federal Reserve 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 could 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.