Can the Federal Reserve's "9 to 3" decision help Bitcoin break through the $100,000 mark

Source: DigitalToday Original Title: US Fed’s ‘9-3’ Decision May Have Held Back Bitcoin from $100,000 Original Link:

The US Federal Reserve( Fed) has lowered the benchmark interest rate by 0.25 percentage points, marking the third rate cut this year, but Bitcoin has still failed to break through the $100,000 mark.

According to blockchain media reports, this rate cut decision by the Federal Reserve aligned with market expectations. However, CNBC reports that the decision was not unanimous; it was passed with a “9-3” voting result. This indicates that some committee members are concerned about persistent inflation, suggesting that future economic growth may slow and the pace of rate cuts could be adjusted.

On-chain analysis agency Glassnode’s diagnosis shows that Bitcoin is currently in a consolidation range between the “short-term holder cost basis”(STH-Cost Basis) of $102,700 and the “true market mean entry price”(True Market Mean) of $81,300. Amid a backdrop of realized losses expanding to $555 million daily, profit-taking by long-term holders and selling pressure from large holders trapped at high prices have limited Bitcoin’s further rise.

CryptoQuant analysis points out that Bitcoin usually rallies before and after the Federal Open Market Committee(FOMC) meetings, but this rally was mainly driven by spot demand, while open interest in futures contracts(OI) has been declining. However, without leverage positions supporting the movement, relying solely on spot demand makes it difficult to sustain the upward momentum.