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Bitcoin stalls at $75K as Fed rate decision, STH profit-taking weigh on price

  • Bitcoin drops below $76,000 after the Federal Reserve holds rates steady.
  • Glassnode data shows heavy short-term holder profit-taking near $78,000–$79,000, reinforcing resistance at the True Market Mean.
  • The firm suggests a move toward $84,000 if buyers absorb supply, or a deeper correction if the $68,000 support fails.

Bitcoin remained under pressure on Wednesday, falling below $76,000 after the Federal Reserve (Fed) left interest rates unchanged.

The Federal Open Market Committee (FOMC) kept the federal funds rate unchanged at 3.50%-3.75%, citing persistent inflation risks amid geopolitical tensions, including the ongoing US-Iran conflict. Although market participants had expected the decision, there were dissenting views from three regional bank presidents

Bitcoin has stalled below major resistance near $79,000, where the True Market Mean aligns closely with the Short-Term Holder (STH) cost basis, according to a Glassnode report. The firm noted that a rejection at this level triggered elevated profit-taking among recent buyers and exposed insufficient buy-side liquidity to sustain a move higher.

“The buy side simply lacked sufficient liquidity to absorb this wave of profit realization, capping momentum and triggering the subsequent rejection,” Glassnode wrote.

Bitcoin momentum stalls amid short-term holder profit taking

The firm reported that Short-Term Holder Realized Profit climbed to roughly $4 million per hour, around four times the baseline seen since mid-April, reflecting aggressive distribution into strength. The surge in realized profit reinforced selling pressure around the $78,000-$79,000 range and contributed to the formation of a local top.

Despite the rejection, the firm pointed to a key support structure between $65,000 and $70,000, where a dense accumulation cluster has formed over the past two months. Immediate structural support sits near the -1 standard deviation band around $68,000, a level identified as critical for determining whether the market stabilizes or enters a deeper correction.

Glassnode outlined two primary scenarios. In a bullish case, buyers absorb overhead supply and push price toward $84,000. In a bearish scenario, a breakdown below $68,000 could expose lower levels within or beneath the accumulation zone.

The firm also highlighted a recovery in the Spot Volume Delta toward neutral with “intermittent bursts of positive delta." The resurgence suggests seller urgency may be easing, although stronger demand is needed to confirm the trend.

“While not yet indicative of strong accumulation, the move toward balance signals improving spot demand and reduced urgency from sellers,” Glassnode added.

Derivatives positioning also pointed to caution mixed with squeeze potential. Glassnode said perpetual futures showed a record net short bias, with the Perpetual Market Directional Premium at its most negative level on record as hedging activity and long unwinds increase.

“Historically, such extremes emerge during periods of elevated uncertainty and often precede inflection points,” Glassnode stated.

The firm argued that an increase in spot demand or sentiment could trigger a squeeze at current derivative levels, although Bitcoin's near-term price movement is uncertain.

BTC is trading at $75,751 at the time of writing.

Author

Michael Ebiekutan

With a deep passion for web3 technology, he's collaborated with industry-leading brands like Mara, ITAK, and FXStreet in delivering groundbreaking reports on web3's transformative potential across diverse sectors. In addition to

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