New Delhi, September 16 (Patrika English News): Bitcoin (CRYPTO: BTC) briefly touched $116,000 before slipping below $115,000 on Monday, reflecting a cautious market tone as traders await fresh catalysts ahead of the upcoming FOMC meeting.
Market Signals
According to Glassnode, spot market momentum remains strong, but the Relative Strength Index (RSI) has entered overbought territory, raising concerns of a potential pullback. Futures activity also climbed with rising open interest and buy-side flows, but weaker funding rates suggested lower demand for aggressive long positions.
Options data echoed this cautious setup: while open interest expanded, volatility spreads and skew both declined, pointing to reduced hedging and increased complacency among traders.
On-Chain Trends
On-chain analysis showed only a marginal uptick in short-term speculative activity, while long-term holder positions remained largely stable — a sign of resilience in Bitcoin’s broader structure.
Why It Matters
Bitcoin’s rebound has been supported by ETF inflows and macro optimism, yet softening funding conditions, weakening spot flows, and profit-taking hint at potential consolidation unless new demand steps in.
Notably, U.S. spot Bitcoin ETFs recorded inflows of 5,900 BTC on September 10 — the largest daily inflow since mid-July. This pushed weekly flows into positive territory, highlighting renewed institutional appetite as Bitcoin held above $114,000.
However, sentiment indicators showed caution: the Crypto Fear and Greed Index fell from “Greed” to “Neutral” within two days, underlining market uncertainty despite ETF-driven optimism.