Fundamental (Fed Reaction): The market had a "sell the news" reaction to the Fed's rate cut. Bitcoin and stocks fell because Fed Chair Powell's comments were cautious, stating that a future cut in December is "not a foregone conclusion." This uncertainty is bad for markets.
Fundamental (ETF Flows): A massive $470 million was pulled out of Bitcoin ETFs yesterday (Oct 29). This is a very large one-day outflow and signals that institutions are taking profits or are nervous about the market's direction.
Technical Analysis: Bitcoin was decisively rejected at the $116,000 resistance level. This failure to break out could signal a short-term top. The price could now fall to re-test lower support levels (like $105K or $100K) before even thinking about $120K again.
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#WillBTCHit120K
"No" BTC Will Not Hit 120K This Week.
Fundamental (Fed Reaction): The market had a "sell the news" reaction to the Fed's rate cut. Bitcoin and stocks fell because Fed Chair Powell's comments were cautious, stating that a future cut in December is "not a foregone conclusion." This uncertainty is bad for markets.
Fundamental (ETF Flows): A massive $470 million was pulled out of Bitcoin ETFs yesterday (Oct 29). This is a very large one-day outflow and signals that institutions are taking profits or are nervous about the market's direction.
Technical Analysis: Bitcoin was decisively rejected at the $116,000 resistance level. This failure to break out could signal a short-term top. The price could now fall to re-test lower support levels (like $105K or $100K) before even thinking about $120K again.