September Fed Rate Cut Odds Plunge to 43% — Is Bitcoin’s Next Bull Run on Shaky Ground or Ready to Explode?
Another risk factor for the market rally was rising BTC profitability.
Glassnode highlighted that BTC’s unrealized profit hit a record high of $1.4 trillion, and the relative unrealized profit hit levels that triggered past ATH conditions and sell pressure.
Source: Glassnode
But crypto analytics firm Swissblock held that the BTC rally could go higher if QE (quantitative easing) or a surge in dollar liquidity begins.
Source: Swissblock
In the short term, the macro pressure could cap BTC below $120K and elevate profit-taking. However, any potential Fed pivot in the mid-term could spark a rebound.
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