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Bitcoin Drops 4% Despite Fed Rate Cut, Key Weekly Close Crucial
Bitcoin (BTC) has dropped nearly 4% in the past 24 hours, losing its local range low for the first time in a week, following the Federal Reserve's 25-basis-point rate cut. Analysts emphasize the importance of this week's close for Bitcoin's short-term trajectory.
Key Points
- Bitcoin fell below $110,000, reaching a one-week low of $106,700.
- Ted Pillows noted market volatility is expected, with BTC dropping 6%-8% after recent FOMC meetings but hitting new all-time highs before subsequent meetings.
- Pillows warned BTC must reclaim $113,500 soon to prevent a larger pullback.
- Rekt Capital emphasized a weekly close above $114,500 is needed to confirm support and enable potential moves towards $119,000.
Potential Year-End Rally
- Michaël van de Poppe identified $112,000 as a key resistance level; breaking it could lead to testing the $119,000-$120,000 zone.
- Failure to break this level may push the price toward $103,000.
- Daan Crypto Trades highlighted November as historically strong for BTC, with 8 out of 12 Novembers closing positively.
Historically, the end of the year has seen significant market pivots, either bullish or bearish, suggesting potential upcoming volatility for Bitcoin.
Authors credited by the source: Rubmar Garcia
Published by Holder based on an external source.
