Bitcoin Profit-Taking Cools but Analysts Remain Cautious Ahead of FOMC

Bitcoin (CRYPTO: BTC) short-term holders in profit have cooled to around 70% from nearly 100% in late September, a shift Glassnode calls a better entry point for buyers.

Why Glassnode Sees This as a Better Entry

Glassnode posted on X Tuesday that recent Bitcoin buyers have left the strong sell zone. In late September, almost all short-term holder supply sat in profit, a level that often signals heavy profit-taking risk. 

That figure has since cooled to about 70%, which Glassnode says makes this a considerably better entry than a month ago for anyone expecting the uptrend to resume.

Moreover, widely-followed market analyst Rand Group posted on X that every Bitcoin bottom on the chart was built by people capitulating and selling. 

The post framed the current pullback as a test of conviction and asked traders whether they would hold through it or provide the liquidity that fuels the next cycle.

Why Gillen Sees Both $60,000 and $100,000 as Possible

As Benzinga reported Tuesday, Milk Road analyst John Gillen said on the Milk Road Show that Bitcoin’s resilience near $80,000 suggests the recent rally remains intact despite macro uncertainty. 

He said both $60,000 and $100,000 remain realistic targets for Bitcoin before the end of the year.

Gillen said a pullback toward the 50-week moving average, between $76,000 and $78,000, would count as a normal retest rather than a failed rally. 

A convincing break below $75,500 could hand control back to the bears, while a drop toward $60,000 would raise more serious questions about the recovery. 

He pointed to more than $6 trillion sitting in money market funds as a potential source of liquidity that doesn’t require Fed intervention to push Bitcoin higher.

Why Ansem Turned Bearish on Bitcoin and Ethereum

Widely-followed trader Ansem posted on X that he’s bearish on Bitcoin, Ethereum (CRYPTO: ETH) and large-cap stocks, arguing both tokens broke their mid-timeframe trend and could fall below $82,000 for Bitcoin and $2,400 for Ethereum. 

He pointed to the Nasdaq’s recent breakout failing to hold and Meta’s post-earnings selloff last week as signs that AI momentum stocks are forming a parabolic blowoff top.

Ansem said investors want clearer proof that heavy AI capital spending is actually translating into profit, and flagged this week’s FOMC meeting and a wave of earnings releases as catalysts for added volatility. 

He added that he isn’t bearish on the longer timeframe and expects a pullback before Bitcoin and Ethereum resume climbing.

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