Bitcoin: Late short sellers could face losses as prices stabilize above $29k

appeared to bolster this bullish expectation over the next 12-18 months. Yet, in the short term, traders must exercise caution as heavy volatility can set in soon. The FOMC announcement was due on 26 July, with a hike in interest rates expected.Source: BTC/USDT on TradingView

Bitcoin has a bearish structure as it made a lower low on the chart upon the move below $29.8k. The RSI on the 4-hour chart showed a reading of 37.7 and has been below neutral 50 since 13 July. It was a signal that bearish momentum held sway in the short term. The OBV also faced resistance overhead as buyers remained weak.

Yet, over the past two days, Bitcoin did not advance lower on the chart. The price oscillated within the $29k-$29.3k area. It was likely that market participants were waiting for the FOMC announcement, which analysts expect to be a 25-point hike. The stable price action after the breakout downward suggested this could be the calm before the storm. A month-long range followed by a strong breakout downward, but the bears were unable to make any headway. This suggested that a short squeeze could arrive, and prices could bounce toward the $30.5k-$30.8k region to collect liquidity before falling.When BTC slipped below the range lows on 24 July the Open Interest rose swiftly. It climbed from $9.

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