Bitcoin experienced a significant price movement following a negative response to the Federal Reserve's press conference, which also saw the Coinbase Premium Index turn red for the first time in over two months. The index, tracking the price difference between Coinbase's BTC/USD and Binance's BTC/USDT, indicates waning US spot demand after 62 consecutive days of positive premiums. Despite selling pressure, Bitcoin maintains its price above $115,000, suggesting substantial buying support from larger investors. Market indicators point to a balanced leverage situation, while Bitcoin's taker buy/sell ratio illustrates increased selling from market makers. The futures cumulative volume delta shows persistent sell pressure without resulting in severe price declines, implying underlying strength. Macro conditions remain favorable for risk assets, bolstered by recovering consumer confidence and weaker job market indicators. Analysts note that Bitcoin is at a pivotal moment, with potential for significant volatility as tightening Bollinger Bands indicate an imminent breakout or breakdown in price.

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