Bitcoin is approaching the FOMC decision with weak liquidity, fragile leverage and mounting miner stress. On-chain gauges signal short-term capitulation amid range-bound global liquidity. Several key U.S. data releases could spark volatility before the policy update. Whether sidelined cash rotates into risk assets may determine if price can reclaim key levels.

Addresses holding 100-1,000 BTC have increased their holdings in recent periods, replicating accumulation patterns seen before the 2017 and 2021 bull markets, according to Alphractal. Liquidation data shows the highest concentration of open liquidations has shifted to short positions, while Bitcoin traded near $108,292 with technical indicators signaling oversold conditions. The trend reflects long-term conviction among mid-tier holders contrasted with short-term uncertainty driven by derivatives positioning.