Recent trading activity in Bitcoin ($BTC) has shown a mix of buyer and seller dynamics across various exchanges. A notable buyer has completed their acquisition of Bitcoin, utilizing both limit and market orders, which has contributed to a consistent spot premium until recent hours. On platforms like Binance and Bybit, the market is currently positioned net long, with low short positioning indicating a potential increase in volatility as the correlation to spot flow rises. A significant bid liquidity of $103,000 suggests a passive buyer aiming to accumulate more at a pivotal price point. However, market sentiment appears cautious ahead of the upcoming Federal Open Market Committee (FOMC) meeting, with a decrease in long interest as traders cut risks. Spot flow remains dominated by sellers, but there are signs of iceberg buying on Coinbase, hinting at potential price support. Analysts are anticipating a possible bounce in prices, citing a similar dynamic to previous rallies where the order book skewed on the bid side to defend against dips.