Coinbase analysts have warned that Bitcoin (BTC) may encounter market choppiness in the medium term due to several factors.
According to the analysts, the slower pace of Federal Reserve rate cuts and the increasing supply of BTC in the market could limit strong upside momentum on the charts.
The recent U.S. economic data showed sticky inflation and strong labor markets, reducing expectations of more Fed rate cuts. Traders are now pricing the Fed to keep the rate unchanged at 4.25%-4.50% for the next FOMC meeting at the end of January.
The analysis also highlighted a surge in BTC sell pressure, with a large amount of BTC being liquidated by long-term holders (LTH) in the $100k price zone. This LTH supply pressure could constrict BTC into a price range.
"These supply-side dynamics suggest there could be a period of grinding consolidation for bitcoin in the coming months," the analysts said, adding that this is similar to the on-chain signals observed when BTC breached all-time highs in March 2024.
Despite the analysis, BTC managed to sweep the range lows and bounce, but the recovery stalled at $95k, reinforcing the $90k-$100k consolidation range mentioned by the analysts.
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