"Bitcoin price reached $103,500 today after a week of tumultuous trading. Bitcoin started the day down close to $100,000 but rebounded throughout market trading to highs of $103,859 today. Earlier this week, Bitcoin plunged below $100,000 for the first time since June on November 4. The slump came amid macro pressures, political headlines, and fading risk appetite, pushing bitcoin down to $99,070 and more than 20% off its October high of $126,000, technically entering a bear phase."
"The Federal Reserve's hawkish tone, including a modest rate cut and signals that further cuts may not come, weighed on sentiment. 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. Since then, the price continued bleeding into this week. The broader crypto market reacted similarly."
Bitcoin rebounded to roughly $103,500 today after intraday lows near $100,000 and a plunge below $100,000 earlier in the week. The recent sell-off drove prices down to about $99,070, over 20% off October highs, amid macro pressures, political headlines, liquidation events, hacks, and trade tensions. Federal Reserve caution and a stronger U.S. dollar weighed on sentiment, with Powell saying December rate cuts are not guaranteed and officials hold differing views. Technicals show resistance near the 200-day moving average with support near $96,000. Some institutional buyers continued to accumulate while analysts offer mixed near-term signals.
Read at Bitcoin Magazine
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