Bitcoin swing traders are cashing out profits, and bearish traders are taking fresh short positions, as BTC struggles to regain levels above $118,000.

Will the FOMC press conference today signal a potential reversal in BTC and altcoin trends?

Key Insights:

• Bitcoin’s inability to exceed $118,000 has led to profit-taking, pushing the price down towards $107,000.
• Significant altcoins have retraced from their resistance points, indicating ongoing selling pressure by bears.

BTC bulls are working to maintain the price above $111,000, yet bears are still actively selling. Glassnode’s latest market report suggests that the recent recovery in BTC was not backed by an increase in market participants, hinting at a possible consolidation phase.

Additionally, a cautious stance from 10x Research notes that the current bullish market for BTC might not extend beyond the typical four-year cycle, citing its high price as a barrier for retail investors. The company forecasts a topside limit of $125,000 based on its analytical method.

Despite BTC’s stagnant price movement, it’s worth noting a positive sign: buying activity in spot BTC exchange-traded funds is on the rise, with net inflows of approximately $462.6 million over the past four days, according to data from Farside Investors.

What Levels to Monitor?

Let’s delve into the charts of the leading 10 cryptocurrencies to discern critical support and resistance levels for both BTC and major altcoins.