Bitcoin (BTC) Sits on Thin Ice, Crypto Analyst Issues Concerning Price Warning

data, notes that the most important support zone is between $22,785 and $23,595, where 1.34 million wallets hold 450,000 BTC. At the time of writing, BTC was marginally down in the last 24 hours at $26,071.

As traders anticipate the Federal Open Market Committee meeting of the U.S. Federal Reserve on Wednesday, the cryptocurrency market is still in an indecisive mood. On Wednesday, at 2:00 p.m. ET , the Fed is scheduled to make its interest rate decision public. Given BTC's recent price action, veteran trader Peter Brandt spots a price equilibrium for BTC, which he refers to as"hinge behavior."According to blockchain analytics firm Glassnode, on-chain settlement remains quiet as the aggregate transfer volume on the market continues to trade at cyclical lows.

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