Bitcoin's Fate Hangs in the Balance as Traders React to Fed's Rate Pause.

Bitcoin's price gains are limited despite resilience in derivative metrics, as investors' attention has shifted to the stock market after the Fed decided to pause its interest rate hikes, improving the outlook for corporate earnings. Bitcoin bulls lack the confidence to leverage long positions using margin and futures markets, and bears have the upper hand as the 20-day resistance at $27,500 strengthens, limiting the short-term upside to a mere 3.8%. Despite negative regulatory pressure, professional traders did not flip bearish, according to Bitcoin derivatives metrics.