Bitcoin price After a turbulent week, Bitcoin reached $103,500. Bitcoin began the day close to $100k but rose to a high of $103,859 during market trading.
Bitcoin dropped below $100,000 earlier this week for the very first time in June.
This slump was brought about amid macro pressuresBitcoin’s price has dropped to $99 070, more than 20% from the October peak of $126,000. It now enters a technical bear phase.
This is the result of October’s sell-off. massive liquidation eventsTrade tensions between China and the United States have been heightened by a number of cyber-attacks.
Federal Reserve System hawkish toneThe sentiment was impacted by a number of factors, such as a modest cut in interest rates and signs that there may be no further reductions.
During the Fed’s most recent press conference, Jerome Powell said that December’s rate cuts aren’t guaranteed, Bitcoin’s price immediately reacted — plunging to $109,000 on the day. The price has continued to fall since then. Crypto markets across the board reacted in a similar way.
Powell said Inflation excluding tariffs “not so far” The central bank has outlined that it will not deviate from its 2% goal, but stressed the fact that policymakers are still working towards this target. “not made a decision about December.” Powell stated that officials were holding “strongly differing views” During today’s session.
The stronger dollar increased the pressure. According to Bitcoin Magazine Pro, technical charts indicate that Bitcoin is struggling near its 200-day average and has support at $96,000.
Some bulls continue to buy the dip despite this. Michael Saylor and his firm are among them. They show cautious confidence by buying at the lower price.
Bitcoin Price Technical Analysis
JPMorgan Chase and other major financial institutions are still thriving despite volatility. remain bullish, forecasting a potential rise to $170,000 within 6–12 months, citing undervaluation relative to gold and the conclusion of heavy deleveraging.
The technical indicators give mixed signals. Up to today, Bitcoin has been trading in a tight $100,000 –$102,000 support corridor, facing resistance at $106K–$114K.
Short-term buyers have exhausted momentum, while on-chain data highlights friction between capitulating short-term holders at $107K–$110K and long-term holders defending $95K–$96K.
After six days, U.S. Bitcoin ETFs have seen a tentative increase in institutional flows: recorded BlackRock and Fidelity are the main beneficiaries of $240 million.
Whale activity suggests profit-taking, rather than panic. with over 319,00 BTC have been reactivated over the past 30 days.
Cathie Wood lowered ARK Invest reduced their forecast of Bitcoin for 2030 by $1.2m to $1.5m, citing that stablecoins have increasingly taken over Bitcoin’s role as a currency. They also reaffirmed Bitcoin’s longer-term prospects. “digital gold” potential.
Galaxy Digital has also reduced its Bitcoin year-end target to $120,000. It cited whale sales, liquidations and rotations to other assets as well as leveraged liquidity, while calling the market a “maturity era.”
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Source: bitcoinmagazine.com
