The post Bitcoin May Slide Down to $105K, If It Loses This Level appeared on BitcoinEthereumNews.com. On-chain data indicates a complex mix of signals for Bitcoin’s price following the Federal Reserve’s interest rate decision on Thursday. According to a new analysis report from on-chain data platform Glassnode, it is critical for Bitcoin’s price to hold above $115,200. The firm warns that a failure to do so could lead to a drop to $105,500. Record Options Expiration Looms Glassnode’s data shows that fears of a major price decline have lessened since the Fed’s announcement. While the spot market showed some minor selling pressure, risk-off positions in the derivatives market noticeably increased. Sponsored Sponsored Open interest in the perpetuals market has slightly decreased. Glassnode noted that open interest, which had peaked at 3.95 million BTC, has now dropped to 3.78 million BTC. An analysis of liquidation data shows that while short positions were squeezed just before the rate announcement, the proportion of long position liquidations increased after the rate cut. The potential for major volatility remains, however, as the open interest in the options market has hit a record high of 5 million BTC. A record amount of these options are set to expire next Friday, on September 26. Drop Below $115,200 Could Break Momentum Glassnode suggests paying close attention to the Bitcoin options’ “max pain” price. With both a price increase and decrease on the table, a large-scale liquidation event on either side could have a significant impact on the spot price. BTC: Options Open Interest by Strike Price. Source: Glassnode The current max pain price for long positions is $112,700, while for short positions it’s $121,600. As of this article’s writing, Bitcoin’s price is fluctuating around $116,990. Most of the Bitcoin traded on-chain since the September FOMC has been above $115,200. Glassnode states that maintaining this price level is key to preserving momentum, while losing it… The post Bitcoin May Slide Down to $105K, If It Loses This Level appeared on BitcoinEthereumNews.com. On-chain data indicates a complex mix of signals for Bitcoin’s price following the Federal Reserve’s interest rate decision on Thursday. According to a new analysis report from on-chain data platform Glassnode, it is critical for Bitcoin’s price to hold above $115,200. The firm warns that a failure to do so could lead to a drop to $105,500. Record Options Expiration Looms Glassnode’s data shows that fears of a major price decline have lessened since the Fed’s announcement. While the spot market showed some minor selling pressure, risk-off positions in the derivatives market noticeably increased. Sponsored Sponsored Open interest in the perpetuals market has slightly decreased. Glassnode noted that open interest, which had peaked at 3.95 million BTC, has now dropped to 3.78 million BTC. An analysis of liquidation data shows that while short positions were squeezed just before the rate announcement, the proportion of long position liquidations increased after the rate cut. The potential for major volatility remains, however, as the open interest in the options market has hit a record high of 5 million BTC. A record amount of these options are set to expire next Friday, on September 26. Drop Below $115,200 Could Break Momentum Glassnode suggests paying close attention to the Bitcoin options’ “max pain” price. With both a price increase and decrease on the table, a large-scale liquidation event on either side could have a significant impact on the spot price. BTC: Options Open Interest by Strike Price. Source: Glassnode The current max pain price for long positions is $112,700, while for short positions it’s $121,600. As of this article’s writing, Bitcoin’s price is fluctuating around $116,990. Most of the Bitcoin traded on-chain since the September FOMC has been above $115,200. Glassnode states that maintaining this price level is key to preserving momentum, while losing it…