Bitcoin pulled back from intraday highs on Wednesday after the U.S. Federal Reserve opted to keep interest rates unchanged, but futures market data suggests traders are still eyeing a potential push toward the $93,500 level.
The world’s largest cryptocurrency briefly climbed to around $90,600 before reversing, as markets digested the Fed’s decision. Despite the retreat, analysts say a large concentration of leveraged short positions near $93,500 could make that zone an attractive target for traders seeking to trigger liquidations.
Data from CoinGlass shows more than $4.5 bn in Bitcoin short positions clustered around the $93,500 mark. If prices move into that range, forced liquidations could accelerate gains as traders rush to cover losing bets.
However, signs of broader market conviction remain mixed. The Coinbase Bitcoin premium index, a measure of US spot demand, remains negative, indicating that recent price action has been driven largely by futures trading and leverage rather than strong buying from US investors.
Analysts also warn that risk-off signals persist across several indicators, suggesting ongoing market stress rather than the start of a sustained bullish trend. While whales are not aggressively selling, on-chain data shows they are also not positioning decisively for higher prices.
For now, Bitcoin appears caught between cautious macro sentiment and the lure of a major liquidity pocket that could fuel sharp volatility in the days ahead.
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