#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.
BTC-0,8%
post-image
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • Comment
  • Repost
  • Share
Comment
0/400
No comments
  • Pin

Trade Crypto Anywhere Anytime
qrCode
Scan to download Gate App
Community
  • 简体中文
  • English
  • Tiếng Việt
  • 繁體中文
  • Español
  • Русский
  • Français (Afrique)
  • Português (Portugal)
  • Bahasa Indonesia
  • 日本語
  • بالعربية
  • Українська
  • Português (Brasil)