Traders are currently reducing their risk exposure ahead of the Federal Reserve's interest rate decision and a significant crypto policy report from the White House. Bitcoin has remained within the $117,000 to $120,000 range, showing signs of potential downward movement towards $114,000 to $110,000; however, upcoming news may reverse this trend. The White House report regarding the US government's Bitcoin holdings could provide positive momentum if it follows favorable FOMC minutes. Additionally, Bitcoin's market has seen a significant reduction in volatility and open interest, indicating that the current price compression is typical before a potential strong directional move. The market will also be reacting to various economic data releases and comments from Federal Reserve Chair Jerome Powell, amid a high probability of unchanged interest rates. Overall, while there is present risk-off sentiment among traders, forthcoming announcements have the potential to influence a breakout in Bitcoin's price.

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