Bitcoin

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-faces-price-drop-after-fed-rate-changes" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Faces Price Drop After Fed Rate Changes</a><br></p>
<p style="text-align: justify"><a href="https://en.bitcoinhaber.net/bitcoin-breaks-record-high-in-market-surge" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> (<a href="https://en.bitcoinhaber.net/bitcoin-becomes-profitable-for-80-of-individuals-and-organizations" data-wpel-link="internal" rel="noopener noreferrer nofollow">BTC</a>) has seen a significant downturn following the Federal Reserve’s recent interest rate cut, triggering a crucial technical indicator that has historically signified the end of price corrections.</p>
<h2 id="what-did-the-fed-announce-about-rate-cuts">What Did the Fed Announce About Rate Cuts?</h2>
<p style="text-align: justify">On Wednesday, the Fed lowered its benchmark borrowing rate as expected but conveyed intentions to implement only two cuts next year, a reduction from the previously anticipated four cuts for 2025.</p>
<h2 id="how-did-bitcoin-react-to-market-changes">How Did Bitcoin React to Market Changes?</h2>
<p style="text-align: justify">As a direct response to the Fed’s announcement, Bitcoin’s value plummeted by over 8%, reaching around $96,000 at its lowest point. Currently, the cryptocurrency is trading near $97,500, marking a nearly 10% drop from its peak of $108,266 earlier this week.</p>
<p style="text-align: justify">This decline has triggered a bearish crossover, where the 50-hour simple moving average (SMA) dipped below the 200-hour SMA. While this pattern suggests a potential deepening of the correction, it didn’t follow the expected course during the previous bull market.</p>
<p style="text-align: justify">Traders have seen Bitcoin undergo several corrections during its surge from $70,000 to over $100,000 since the U.S. elections, with each drop culminating in a similar bearish crossover pattern. The recent crossover, however, might spark hope among bulls for a rebound back above six figures.</p>
<ul>
 <li>The Fed’s interest rate cut led to an approximately 10% decline in BTC.</li>
 <li>Technical indicators point towards a possibility of continued downtrend.</li>
 <li>A potential recovery could encounter resistance near $10,600.</li>
</ul>
<p style="text-align: justify">Market participants are advised to tread carefully as they navigate the complexities of the current landscape, keeping a close watch on price levels and technical signals. The situation remains fluid, and a break below $96,000 could lead to lower levels reminiscent of previous market lows.</p>
<h5><span style="font-weight:bold;font-size:16px">Continue Reading: </span> <a href="https://en.bitcoinhaber.net/bitcoin-faces-price-drop-after-fed-rate-changes" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Faces Price Drop After Fed Rate Changes</a></h5>

Bitcoin Faces Price Drop After Fed Rate Changes

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