"Bitcoin's Price Volatility Sparks $28K 'Plunge Protection' Measures"

Bitcoin traders are anticipating increased volatility as the US Federal Reserve's interest rate decision approaches. The market is expecting a 25 basis point rate hike, with a 98.9% probability, which could lead to short-term price fluctuations. On-chain monitoring suggests that entities are preparing for potential losses, with $16 million worth of "plunge protection" bid liquidity set just below $28,000. Additionally, the US dollar remains uncertain ahead of the Fed's decision, with the US Dollar Index trending downward. Some traders are observing historical trends between the US dollar and Bitcoin, suggesting a potential breakout for Bitcoin in the near future.