Bitcoin faces weak liquidity; markets assign 87.2% odds to a cut to 3.50%-3.75% as miner stress grows

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.