Bears Target $82,500 After Market Bloodbath
Bitcoin is currently down more than 6%, trading at just over $95,000 at the time of writing. The next major support level is around $91,000 to $92,000. The Fed’s recent interest rate cut of 0.25% (25 basis points) was in line with market expectations and has been priced in.
There was initially little reaction when the news was released, but about half an hour later, Jerome Powell’s press conference had a bigger impact on the market. Bitcoin and stocks have both fallen over the past day.
The main reason for the decline has to do with interest rate expectations for next year. While many hope for further rate cuts, the market is currently pricing in another 25 basis points cut in 2025, prompting a bearish reaction. Additionally, Powell panicked the market by stating that the Federal Reserve may not buy or hold Bitcoin.
Bitcoin Price Analysis: What’s Next?
Bitcoin is currently in a downtrend and the price is moving towards key support areas. Analysts said his decline was expected, with the next major support area being between $69,400 and $82,500.
Recent price action shows signs of a pullbackthe market may be near the bottom of this stage. Although Bitcoin has been in an overall upward trend, there are signs that a correction is imminent. Price action has been weak recently, with overlapping moves suggesting price exhaustion. Additionally, the $100,000 level has proven to be a tough resistance level for Bitcoin.
The market continues to trend downward, with further losses likely before recovery. Despite the current downward trend, a rebound is possible once the price reaches key support levels. However, we need to see a break above resistance before confirming a reversal is underway.
